Dundee International Real Estate Investment Trust has sold shares worth $433 million in an initial public offering, Bloomberg reports. The units will start trading on the Toronto Stock Exchange from Aug. 3, 2011. The Toronto-based REIT issued 27 million units at $10.5 each, as well as $147.1 million in convertible debentures with a 5.5% coupon. The company intends to use the proceeds to acquire properties in Germany.

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