Partners Real Estate Investment Trust announces filing of a preliminary prospectus and proposed timing of consolidation

    




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 VANCOUVER, Jan. 24, 2012 /CNW/ - Partners Real Estate Investment Trust (the "REIT" or "Partners REIT")  is pleased to announce that, as previously disclosed,  it has filed a preliminary prospectus with the securities regulatory  authorities in each of the provinces of Canada, except Quebec, to  qualify the distribution (the "Offering") of 10,753,000 units of the REIT (the "Units") at a price of $1.86 per Unit representing gross proceeds of  approximately $20 million, on a bought deal basis, to a syndicate of  underwriters (the "Underwriters") co-led by National Bank Financial Inc. and Canaccord Genuity Corp.,  and including Scotia Capital Inc., CIBC World Markets Inc., TD  Securities Inc., Desjardins Securities Inc., Macquarie Capital Markets  Canada Ltd., Raymond James Ltd. and GMP Securities L.P. 

 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 1,612,950  Units at the same offering price. 

 The Offering is expected to close on or about February 8, 2012 and is  subject to certain conditions including, but not limited to, the  receipt of all necessary approvals, including the approval of the TSX  Venture Exchange. 

 Partners REIT also announced today that it expects its previously  announced consolidation of units on the basis of one post-consolidation  unit for every four pre-consolidation units, will take place in  February 2012 after the closing of the Offering. The consolidation is  subject to the approval of the TSX Venture Exchange. 

 This press release shall not constitute an offer to sell, or the  solicitation of an offer to buy, any securities in any jurisdiction in  which such offer, solicitation or sale would be unlawful. The  securities being offered have not been and will not be registered under  the U.S. Securities Act of 1933 as amended and may not be offered or  sold in the United States absent registration or pursuant to applicable  exemption from registration. 

 About Partners REIT  

 Partners REIT is a growth-oriented real estate investment trust, which  currently owns (directly or indirectly) twenty-one retail properties  located in British Columbia, Alberta, Manitoba, Ontario and Quebec,  aggregating approximately 1.7 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 "believe", "expect," "will", "offers the  opportunity", "intend, "look forward" 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 closing of the Offering, success of the  Offering, listing of the Units, use of proceeds of the Offering,  regulatory approval of the proposed consolidation of units, access to  capital, regulatory approvals, our intention to grow and diversify our  portfolio, intended acquisitions, our status as a "real estate  investment trust" 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.  

 The forward-looking statements contained in this press release reflect  our current views with respect to future events and are also subject to  certain other risks and uncertainties and other risks detailed from  time-to-time in Partners REIT's ongoing filings with the securities  regulatory authorities, which filings can be found at www.sedar.com.  Actual results, events, and performance may differ materially from  those contemplated in Partners REIT's forward-looking statements.  Readers are cautioned not to place undue reliance on these  forward-looking statements. Partners REIT does not undertake any  obligation to publicly update or revise any forward-looking statements  either as a result of new information, future events or otherwise,  except as required by applicable securities laws.  

 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. 

Partners REIT


CONTACT:  Partners REIT:Patrick Miniutti, President and Chief Operating Officer [phone] 


    

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