Date Closed

July 27, 2012

Lead Office

Toronto

Value

150.00 Million CAD

On July 27, 2012, Calloway Real Estate Investment Trust ("Calloway" or the "REIT") announced that it had closed its previously announced C$150 million, aggregate principal amount issue of Series H senior unsecured debentures. These debentures carry a coupon rate of 4.05% and mature on July 27, 2020. The issue was offered by a syndicate of underwriters led by CIBC.

Calloway intends to use the net proceeds of the offering for repayment of operating lines and other indebtedness, funding of future acquisitions, and for general trust purposes. DBRS Limited has provided Calloway with a credit rating of BBB, with a Stable trend, related to the debentures.

This offering is being made by way of a prospectus supplement to Calloway’s existing C$2 billion base shelf prospectus dated October 31, 2011. The terms of offering are described in a prospectus supplement dated July 23, 2012, which was filed with Canadian securities regulators.

Calloway Real Estate Investment Trust, headquartered in Vaughan, Ontario, is one of Canada's largest real estate investment trusts with total assets of approximately C$6 billion.

McCarthy Tétrault represented CIBC, the lead underwriter, with a team led by Andrew Parker.