Partners Realty Holdings Ltd. (TSX-V: CRH) completes conversion to a real estate investment trust

 

TORONTO: Partners Realty Holdings Ltd. (the “Company” or “Partners”) is pleased to announce that the plan of arrangement to convert the Company into a real estate investment trust was completed on May 10, 2007, and the final approval of the conversion has been granted by the TSX Venture Exchange.

TRADING INFORMATION: Commencing on Monday, May 14, 2007, the units of Partners Real Estate Investment Trust will begin trading on the TSX Venture Exchange under the symbol CRH.UN and the shares of the Corporation will be delisted. Under the plan of arrangement, each 10 common shares of the Company were exchanged for one unit of Partners Real Estate Investment Trust.

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.

This press release contains forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, local real estate conditions, including the development of properties in close proximity to the Company’s properties, competition, changes in government regulation, dependence on tenants, financial conditions, interest rates, the availability of equity and debt financing, environmental and tax-related matters, reliance on the Manager, potential conflicts of interest and reliance on key personnel. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Company has no obligation to update such statements except as required by law.