Crombie REIT announces closing of $60 million trust unit offering


STELLARTON, NS, Dec. 14, 2012 /CNW/ – Crombie Real Estate Investment
Trust ("Crombie") (TSX: CRR.UN) announced today that it has closed the
previously announced offering, on a bought-deal basis, of 2,408,000
trust units (the "Units") to the public at $14.75 per Unit for gross
proceeds of approximately $35.5 million.

In addition to the issuance of Units to the public, ECL Developments
Limited, a wholly-owned subsidiary of Empire Company Limited (TSX:
EMP.A), has purchased, on a private placement basis, 1,659,661 Class B
LP Units of Crombie Limited Partnership together with the attached
Special Voting Units of Crombie at the $14.75 per Unit offering price,
for gross proceeds of approximately $24.5 million.

Each Class B LP Unit is exchangeable for one Unit of Crombie at the
option of the holder.  Upon exchange of a Class B LP Unit, the
associated Special Voting Unit is cancelled.  All securities issued
under the private placement are subject to a four month hold period
from the closing date of the private placement.  After the closing of
the public offering and the private placement, Empire Company Limited
holds a 42.9% economic and voting interest in Crombie.

The combined gross proceeds from the Unit and Class B LP Unit issuance
total approximately $60.0 million.

Crombie intends to use the net proceeds from this offering to reduce
outstanding borrowings under Crombie's revolving credit facility and
for general trust purposes.

The underwriting syndicate was co-led by CIBC and BMO Capital Markets,
and also includes Scotiabank, TD Securities Inc., National Bank
Financial Inc., Canaccord Genuity Corp., Macquarie Capital Markets
Canada Ltd., Raymond James Ltd., Brookfield Financial Corp. and
Desjardins Securities Inc.

About Crombie

Crombie Real Estate Investment Trust is an unincorporated, open-ended
real estate investment trust established under, and governed by, the
laws of the Province of Ontario. The trust invests in income-producing
retail, office and mixed-use properties in Canada, with a future growth
strategy focused primarily on the acquisition of retail properties.
Crombie currently owns a portfolio of 170 commercial properties in nine
provinces, comprising approximately 14.0 million square feet of gross
leasable area. More information about Crombie can be found at

This news release may contain forward looking statements that reflect
the current expectations of management of Crombie about Crombie's
future results, performance, achievements, prospects and opportunities.
Wherever possible, words such as "continue", "may", "will", "estimate",
"anticipate", "believe", "expect", "intend" and similar expressions
have been used to identify these forward looking statements. These
statements reflect current beliefs and are based on information
currently available to management of Crombie, and include, without
limitation, statements regarding the expected use of proceeds of the
Offering. Forward looking statements necessarily involve known and
unknown risks and uncertainties.

A number of factors, including those discussed in the 2011 annual
Management Discussion and Analysis under "Risk Management", could cause
actual results, performance, achievements, prospects or opportunities
to differ materially from the results discussed or implied in the
forward-looking statements. These factors should be considered
carefully and a reader should not place undue reliance on the forward
looking statements. There can be no assurance that the expectations of
management of Crombie will prove to be correct.

Readers are cautioned that such forward-looking statements are subject
to certain risks and uncertainties that could cause actual results to
differ materially from these statements. Crombie can give no assurance
that actual results will be consistent with these forward-looking

Additional information relating to Crombie can be found on Crombie's web
site at or on the SEDAR web site for Canadian regulatory filings at