Partners REIT Completes Acquisition of Vancouver Island Retail Centre
September 01 2011 - 4:00PM
Marketwired
Partners Real Estate Investment Trust (TSX VENTURE: PAR.UN)
("Partners REIT") announced today that it had completed the
acquisition of the Evergreen Shopping Centre, a five building
88,200 square foot open-air shopping centre located in Sooke,
British Columbia approximately 37 kilometers west of Victoria.
Anchored by a Western Foods grocery store, a newly-constructed
Shoppers Drug Mart, a BC Liquor outlet and a Royal Bank branch, the
property is currently 96.2% occupied. The property currently
generates rental income, net of property operating expenses, of
approximately $1.2 million on an annualized basis and management
expects it will contribute approximately $400,000 after interest
expense in incremental annualized net income.
Sooke is an attractive, high-end residential community and
tourist centre within easy commuting distance of Victoria. The town
has been growing over the last decade and has a number of new
residential developments underway. The Evergreen Shopping Centre is
the largest and strongest retail centre in the community providing
necessity-based products and services to its residents.
Partners REIT paid approximately $15.8 million for the property,
in part funded by the placement of a new $10.5 million five-year
mortgage on the property incurring an interest rate of 3.8%. The
balance of the purchase price was paid in cash from a
recently-funded new secondary loan bearing interest at 7% and the
REIT's lines of credit.
"This acquisition is consistent with our stated strategy to
strengthen, expand and further diversify our portfolio by acquiring
well-positioned community and neighbourhood properties in growth
markets with consistent strong cash flows derived from tenants that
provide necessity-based products and services," commented Adam
Gant, Chief Executive Officer.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust,
which currently owns (directly or indirectly) 20 retail properties
located in British Columbia, Ontario, Manitoba and Quebec,
aggregating approximately 1.6 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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