Partners REIT Extends Geographic Presence with Acquisition in British Columbia
April 25 2011 - 8:30AM
Marketwired
Partners Real Estate Investment Trust (Partners REIT) (TSX VENTURE:
PAR.UN) announced today that it would be acquiring the majority of
the retail units of the Centuria Urban Village, a food and drug
store anchored high-rise mixed use retail and residential property
located in Kelowna, British Columbia. The development of the
property was completed in 2009.
The retail space being purchased totals approximately 32,500
square feet and includes designated underground parking space as
limited common property. The properties being acquired are 100%
occupied under long-term leases with Nesters Food Market (Buy-Low
Foods LP), Paragon Pharmacies Ltd., the British Columbia Nurses
Union, and a salon and spa. The purchase price will be
approximately $8.9 million, subject to final adjustments, and will
be satisfied with cash from the proceeds of the recently completed
Convertible Unsecured Subordinated Debenture Offering and the
REIT's line of credit. The properties on an annualized basis
currently generate Net Operating Income of approximately $650,000
and will generate approximately $550,000 in incremental Funds From
Operations. The transaction is expected to close on or before May
16, 2011.
"One of our stated goals is to expand and further diversify our
portfolio in high-growth markets across Canada," commented Adam
Gant, Chief Executive Officer. "The accretive acquisition of this
brand-new, modern and attractive retail space in Kelowna is our
first purchase in British Columbia, and we look to aggressively
build on this presence going forward."
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust,
which currently owns (directly or indirectly) seventeen retail
properties located in Ontario, Manitoba and Quebec, aggregating
approximately 1.3 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
integration of the Acquisition with our property portfolio, our
expectations regarding an increase in incremental funds as a result
of the Acquisition, our intention to continue to grow and diversify
our portfolio, 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.
Contacts: Partners Real Estate Investment Trust Patrick Miniutti
President and Chief Operating Officer (250) 595-9328
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