Partners Real Estate Investment Trust
TSX : PAR.UN

Partners Real Estate Investment Trust

June 30, 2016 15:33 ET

Partners Announces $13.7 Million Mortgage at Ontario Property

TORONTO, ONTARIO--(Marketwired - June 30, 2016) - Partners Real Estate Investment Trust ("Partners" or the "REIT") (TSX:PAR.UN) is pleased to announce that it has finalized a $13.7 million mortgage at the REIT's Wellington Southdale property in London, Ontario.

This new mortgage is with the Manulife Financial and is effective today. The mortgage has a five-year term and an interest rate of 2.94%. Partners will devote $9.8 million of the mortgage towards repayment of the property's two existing mortgages, which carried an average interest rate of 5.71%. Remaining net proceeds of $3.9 million, prior to financing costs will be deployed towards Partners' Credit Facility, thereby improving the REIT's liquidity position.

In association with this new mortgage, Partners will pay a broker fee of approximately $48,000 to First National Financial (TSX:FN)(TSX:FN.PR.A). Moray Tawse, a significant unitholder of the REIT, has an interest in First National Financial.

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust focused on the expansion and management of a portfolio of 36 retail and mixed-use community and neighbourhood shopping centres. These properties are located in both primary and secondary markets across British Columbia, Alberta, Manitoba, Ontario, and Quebec, and comprise a total of approximately 2.5 million square feet of leasable space.

Disclaimer

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 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.

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