Partners Real Estate Investment Trust Announces Increased Credit Facility
FOR IMMEDIATE RELEASE
VICTORIA, BRITISH COLUMBIA, SEPTEMBER 24, 2012 - Partners Real Estate Investment Trust, (TSX- PAR.UN) announced today that it has closed the previously announced new revolving credit facility for $20.0 million with a syndicate of Canadian chartered banks, including a new accordion feature that can be exercised to increase the availability to $50.0 million. The facility is renewed annually. The increased credit facility availability provides the REIT with attractive financing and greater financial flexibility to execute its growth strategies going forward.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust which currently owns (directly or indirectly) thirty retail properties, well-located in British Columbia, Alberta, Manitoba, Ontario and Quebec, aggregating approximately 2.2 million square feet of leasable 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.
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 timing of the offering, success of the offering, listing of the units, use of proceeds of the Offering, 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.
For further information:
Patrick Miniutti, President and Chief Operating Officer or
Tony Quo Vadis, Chief Financial Officer Telephone: (250) 940-5500, Facsimile: (250) 940-5501