TORONTO, ONTARIO--(Marketwired - March 2, 2017) - Partners Real Estate Investment Partners Real Estate Investment Trust ("Partners" or the "REIT") (TSX:PAR.UN) is pleased to announce that it has finalized a $4.4 million mortgage at the REIT's Shoppers Drug Mart property ("Gatineau") in Gatineau, Quebec and a $2.6 million mortgage at the REIT's Plaza des Seigneurs property ("Terrebonne") in Terrebonne, Quebec. These new mortgages are both with Otera Capital Inc.
The Gatineau mortgage closed yesterday and is for $4.4 million, has a five-year term, a 22 year amortization and an interest rate of 3.113%. Partners will devote $3.1 million of the mortgage towards repayment of the property's existing mortgage, which carried an interest rate of 5.93%.
The Terrebonne mortgage closed today and is for $2.6 million, has a five-year term, a 25 year amortization and an interest rate of 3.113%. Partners will devote $1.8 million of the mortgage towards repayment of the property's existing mortgage, which carried an interest rate of 3.50%.
The combined net proceeds of $2.1 million prior to financing costs, will be utilized for general corporate purposes.
In association with these new mortgages, Partners will pay a total broker fee of $19,950 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 35 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.
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.