Partners Real Estate Investment Trust (TSX-V: CRH.UN) announces private placement financing

 

TORONTO: Partners Real Estate Investment Trust (“Partners REIT”) announces that its board of trustees has approved a private placement of trust units of Partners REIT to raise proceeds of up to $3 million (the “Offering”). The proceeds of the Offering will be used by Partners REIT to finance acquisitions currently in negotiation and/or for general working capital purposes. The offering price per trust unit will be determined in the context of the market prior to the closing of the Offering, subject to a minimum price of $4.05 per unit, and subject to the rules of the TSX Venture Exchange. No agent has been retained in connection with the Offering. Closing of the Offering is expected to occur on or about June 8, 2007, and is subject to the approval of the TSX Venture Exchange.

Partners REIT: Partners Real Estate Investment Trust is an open-end real estate investment trust established under the laws of the Province of Ontario. Partners REIT is focused on acquiring a portfolio of retail and mixed-use retail community and neighbourhood centres, generally in the mid-market deal size range of $10 to $40 million, comprised of stable cash flow and value-add properties from both primary and secondary markets throughout Canada. Partners REIT’s principal goal is to generate a reliable and growing yield for its investors. Partners REIT currently owns 10 retail properties located in Ontario and Quebec.

More information: Ari Silverberg, President and Chief Operating Officer or Floriana Cipollone, Chief Financial Officer Telephone: (416) 364-5705 Facsimile: (416) 861-8166.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Partners REIT’s intention to complete the Offering is a forward-looking statement and is dependent on a number of factors, including but not limited to, the negotiation of an acceptable price per trust unit for the Offering and the ability of Partners REIT to satisfy any requirements of the TSX Venture Exchange with respect to the Offering. The statements in this press release relating to the Offering are qualified in their entirety by the inherent risks and uncertainties described above. There can be no assurance that Partners REIT will complete the Offering as planned or at all. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and Partners REIT has no obligation to update such statements except as required by law.