Charter Real Estate plans C$3 million placement of trust units

By Laura Lutz

Des Moines, June 1 - Charter Real Estate Investment Trust intends to conduct a private placement of trust units for up to C$3 million.

The company plans to set pricing in the context of the market. The price will be at least C$4.05 per trust unit.

Proceeds will be used for acquisitions that are being negotiated and for working capital.

Settlement is expected on June 8.

Toronto-based Charter is a real estate investment trust focused on retail properties. The company's shares closed unchanged at $4.75 on Friday (TSX Venture: CRH.UN).

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