Partners REIT Announces Exercise of Over-Allotment Option
March 15 2011 - 8:36AM
PR Newswire (Canada)
VICTORIA, BC, March 15 /CNW/ -- /NOT FOR DISSEMINATION TO U.S. NEWS
WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ VICTORIA, BC,
March 15 /CNW/ - Partners Real Estate Investment Trust (the "REIT"
or "Partners REIT") (TSXV: PAR.UN) is pleased to announce the
closing of the over-allotment option (the "Over-Allotment")
relating to its previously announced offering (the "Offering") of
$25,000,000 aggregate principal amount of 8.0% extendible
convertible unsecured subordinated debentures. In connection with
the closing of the Over-Allotment, the REIT issued an additional
$3,750,000 aggregate principal amount of debentures, for a total
issuance of $28,750,000 aggregate principal amount of debentures
(collectively, the "Debentures"). Part of the net proceeds of the
Offering were used to repay an $8,600,000 secured loan, and the
balance will be used to purchase six properties (the "Acquisition")
and for future acquisitions and general trust working capital
purposes. The Debentures have an initial maturity date of April 30,
2011 which will automatically be extended to March 31, 2016 upon
the closing of the Acquisition. The Debentures bear interest at a
rate of 8.0% per annum, payable semi-annually, and are convertible
at the option of the holder into Units of the REIT at an initial
conversion price of $2.20 per Unit, being a ratio of 454.5455 Units
per $1,000 principal amount of Debentures. The underwriting
syndicate for the Offering was co-led by TD Securities Inc. and
CIBC, and included 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. About Partners REIT Partners REIT is a
growth-oriented real estate investment trust, currently comprised
of ten retail properties well located in Ontario and Quebec
aggregating approximately 1.1 million square feet of leaseable
space. It 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, the
closing of the Acquisition, 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. 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. 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/March2011/15/c2869.html
pPatrick Miniutti, President and Chief Operating Officer (250)
595-9328/p
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