Partners Real Estate Investment Trust Announces Closing of Four Previously Announced Acquisitions of Five Properties in Ontario and Property in Alberta
VICTORIA, February 16, 2012 - Partners Real Estate Investment Trust (“Partners REIT”) (TSXV: PAR.UN) announced today the closing of four of five previously announced acquisition of properties in Ontario from unrelated vendors and one in Alberta aggregating approximately 392,000 square feet, which are being funded by debt, the assumption of existing mortgages and the proceeds from the previously announced NorRock Realty Finance Corporation transaction. The acquired properties include: Crossing Bridge Square in Stittsville, Ontario; King George Square in Brantford, Ontario; Manning Crossing in Edmonton, Alberta, St; Clair Beach Towne Centre in Windsor, Ontario; Thunder Centre in Thunder Bay, Ontario and excludes Grand Bend Towne Center, Grand Bend, Ontario which is expected to close at a later date. The aggregate value of these properties is approximately $99 million, representing an aggregate cap rate of 7.2%. These properties currently generate Net Operating Income in the aggregate of approximately $7.0 million on an annualized basis and management expects it will generate approximately $5.1 million in incremental annualized Funds From Operations.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 27 retail properties located in British Columbia, Alberta, Ontario, Manitoba and Quebec, aggregating approximately 2.1 million square feet of leaseable space. Partners REIT focuses on expanding and managing a portfolio of retail and mixed-use community and neighbourhood shopping centres located in both primary and secondary markets across Canada.
For further information
Patrick Miniutti, President and Chief Operating Officer (250) 940-5530
Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect," "will" and similar expressions to the extent they relate to Partners REIT. The forward- looking statements are not historical facts but reflect Partners REIT's current expectations regarding future results or events. These forward looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the integration of the acquisitions with our property portfolio, the receipt of regulatory approval, our expectations regarding closing the proposed acquisitions, the expected increase in the mortgage, our expectations regarding an increase in incremental funds as a result of the acquisitions, our intention to continue to grow and diversify our portfolio, access to capital, regulatory approvals, intended acquisitions and general economic and industry conditions. Although Partners REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.
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