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Dundee International begins trading today

Several of the office towers being bought by Dundee REIT are along Toronto's Bay Street, in the city's financial district.


Units in Dundee International begin trading on the Toronto Stock Exchange today, marking the first public offering of real estate shares this year.

The company raised $270-million, according to its final prospectus. The units will debut at $10.

The money is going toward a $365-million purchase of 295 German office properties.

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About 75 per cent of the 12.5-million square feet of space is leased to Deutsche Post, a mail and logistics group.

The newly formed company will also be the only real estate investment trust in Canada with a female chief executive officer. Jane Gavan plans to leave her job as executive vice-president at Dundee Realty Corp. to lead the new REIT.

The company also raised $140-million through the sale of convertible unsecured debentures.

TD Securities Inc., Scotia Capital Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Dundee Securities Ltd., HSBC Securities (Canada) Inc., Brookfield Financial Corp., GMP Securities L.P. and National Bank Financial Inc. were the underwriters.

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