Partners Real Estate Investment Trust (TSX-V: CRH.UN) files Final Prospectus for $46,143,750 Public Offering of Units

 

TORONTO: Partners Real Estate Investment Trust (the “REIT”) is pleased to announce that it has filed a final short form prospectus in each of the provinces and territories of Canada for a public offering (the “Offering”) of 13,375,000 units of the REIT at a price of $3.45 per unit, for gross proceeds of $46,143,750.

The underwriting syndicate for the Offering is being led by TD Securities Inc. and RBC Dominion Securities Inc. and includes CIBC World Markets Inc., BMO Nesbitt Burns Inc., Blackmont Capital Inc., National Bank Financial Inc., Scotia Capital Inc. and HSBC Securities (Canada) Inc. (collectively, the “Underwriters”).

Closing of the Offering is expected to occur on August 9, 2007. The Underwriters have been granted an over-allotment option to acquire up to an additional 2,006,250 units of the REIT at a price of $3.45 per unit for a period of 30 days following closing of the Offering. In connection with the Offering, the Underwriters will receive a fee of $1,868,625 (assuming no exercise of the over-allotment option).

USE OF PROCEEDS: The proceeds of the Offering are intended to be used to acquire the Cornwall Square property (described in the REIT’s press release of June 29, 2007) and to reduce outstanding indebtedness. The REIT will use any proceeds from the exercise of the over-allotment option to further reduce outstanding indebtedness, to acquire additional properties that meet its acquisition criteria and/or for general working capital purposes.

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 with respect to the Offering. These statements generally can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the Offering will be completed. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the REIT undertakes no obligation to update such statements except as required by law.