TGS REIT completes $141.8 million initial public offering

Date Closed: 12/06/2002

Value: $141.8 million

Calgary-based TGS North American Real Estate Investment Trust completed a $141.8 million initial public offering on December 6, 2002. TGS North American REIT is the first REIT with a focus on North American real estate, with an initial portfolio of U.S. and Canadian properties acquired under a plan of arrangement with TGS Properties Ltd. and from third-party vendors. The REIT has used the proceeds from its offering, together with the issuance of 1,852,120 units to TGS Properties, to acquire interests in nine properties (five office properties in the Dallas, Houston, Edmonton and Calgary areas and four retail properties in the Denver and Edmonton areas). Three of the office properties and two retail properties located in Edmonton, Calgary and Colorado, were acquired on closing from TGS Properties. The remaining properties were acquired on closing from third-party vendors in the U.S.

The REIT and TGS Properties were represented by in-house counsel Beth Vogel; by BLG with a team led by Bill Sirett and Fred Pletcher (corporate/securities), and including Robert Kopstein, David Longcroft, Barb Smith, John Poetker, Dan Kolibar, Frank Allen, Dianna Kenny, Dyana McLellan, Don Bird and Gillain Malfair.