IGW Real Estate Investment Trust

June 04, 2013 16:07 ET

IGW Thanks Fellow Unitholders for Strong Support for Board Change at Partners REIT

VICTORIA, BRITISH COLUMBIA--(Marketwired - June 4, 2013) - IGW Real Estate Investment Trust ("IGW") today announced that, based on proxies received by the deadline today, it believes its nominees have gained significant support to replace the four non-management incumbent trustees ("Incumbent Trustees") on the Board of Trustees of Partners REIT ("Partners").

IGW nominated James Bullock, Graham Senst, Wilbur Smith III, and Patrick Miniutti, for election to the Board of Trustees at Partners' annual meeting scheduled for June 6, 2013.

The Gold proxies received indicate that approximately 85% of the identified unitholders who hold 20,000 units or more have supported the election of trustees proposed by IGW.

"We are grateful for the strong support of our fellow unitholders who, like us, believe it is time for a change to the board of Partners. We need a board that is committed to growth in value and, with the new trustees, we are confident we will have it," said Adam Gant, President and Trustee of IGW. "We would expect an orderly transition to a new board at the annual meeting since that is in the best interests of Partners and its unitholders."

Final results of the unitholder vote are expected to be announced at the annual meeting of Partners on Thursday.

About IGW

IGW REIT is a private real estate investment trust and, through its affiliates, is the largest unitholder of Partners REIT, with 14.7% of the units. On May 9, 2013 it filed a proxy circular with securities regulators providing reasons why four trustees of Partners REIT should be removed and replaced by four highly experienced real estate executives IGW REIT has nominated for election to the Board of Trustees at Partners' annual meeting scheduled for June 6, 2013.

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