On February 5, 2025, SmartCentres Real Estate Investment Trust (SmartCentres REIT) closed its previously announced issuance of $300 million of 4.737% Series AB senior unsecured debentures. The offering was completed on an agency basis through a syndicate of agents with Scotiabank, CIBC Capital Markets, Desjardins Securities, RBC Capital Markets and TD Securities as joint bookrunners, and National Bank Financial, Mizuho Securities, BMO Capital Markets and Casgrain as co-managers. SmartCentres intends to use the net proceeds of the offering to refinance existing debt, including the repayment of its $160-million Series N senior unsecured debentures due February 6, 2025, the repayment of its revolving credit line and for general corporate purposes.
SmartCentres REIT is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 195 strategically located properties in communities across the country. SmartCentres has approximately $11.9 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.3 million square feet of leasable space with 98.5% in place and committed occupancy, on 3,500 acres of owned land across Canada.
Osler, Hoskin & Harcourt LLP advised SmartCentres with a team consisting of James Brown, Kiana Blake (Corporate) and Alice Chen (articling student).
Key Contact
Partner, Corporate, Toronto
