Partners Reit (TSXV:PAR.UN)
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VICTORIA, March 8 /CNW/ --
/NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
VICTORIA, March 8 /CNW/ - Partners Real Estate Investment Trust
("Partners REIT" or the "REIT") (TSXV: PAR.UN) announced that it has
closed its previously announced offering of $25,000,000 aggregate
principal amount of 8.0% extendible convertible unsecured subordinated
debentures (the "Debentures"). The net proceeds to the REIT (before deducting expenses of the
offering) were $23,625,000.
TD Securities Inc. and CIBC acted as co-lead managers, along with a
syndicate of co-managers including, Dundee Securities Ltd., Macquarie
Capital Markets Canada Ltd., Scotia Capital Inc., National Bank
Financial Inc., Canaccord Genuity Corp., Raymond James Ltd. and
Brookfield Financial Corp. (collectively, the "Underwriters").
The REIT intends to use the net proceeds of the offering to partially
fund the acquisition of six additional properties as described in the
REIT's press release dated February 14, 2011, the repayment of an
$8,600,000 secured loan bearing interest at 8.75% and for general trust
purposes.
The REIT has granted the Underwriters an over-allotment option,
exercisable in whole or in part at any time up to 30 days following the
closing of the offering, to purchase up to an additional $3,750,000
principal amount of Debentures.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The
securities offered have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "1933 Act"), and
may not be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons, except in certain transactions
exempt from the registration requirements of the 1933 Act.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust, which
currently owns (directly or indirectly) ten retail properties,
well-located in Ontario and Quebec, aggregating approximately 1.2
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.
Forward-looking Statements
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 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/March2011/08/c8822.html
pPatrick Miniutti, President and Chief Operating Officer (250) 595-9328/p