Partners Real Estate Investment Trust

Partners Real Estate Investment Trust

June 16, 2016 08:56 ET

Partners Announces Appointment of COGIR Real Estate as Property Manager of the REIT's Quebec Assets

BARRIE, ONTARIO--(Marketwired - June 16, 2016) - Partners Real Estate Investment Trust (the "REIT," or "Partners") (TSX:PAR.UN) is pleased to announce its selection of COGIR Real Estate ("COGIR") as the provider of property management services at the REIT's 10 Quebec properties.

In a press release disseminated on March 16, 2016, entitled "Partners Real Estate Investment Trust Announces Increased Property Management Focus," Partners announced its intention to consolidate the management and leasing of its Quebec properties under the oversight of a single external property manager. Following a formal Request for Proposals, the REIT has selected COGIR for this role, effective August 1, 2016.

The REIT expects that unifying the management and leasing of its 10 Quebec properties under COGIR's oversight will result in both corporate and property level savings, as well as the benefit of a renewed tenant experience. The REIT intends to leverage COGIR's national relationships and extensive in-house expertise to further lease up, develop, and enhance its Quebec properties. Furthermore, COGIR's unique mix of residential, commercial, and retirement community development experience will provide an opportunity to maximize property potential.

Based in Quebec, COGIR operates in the sectors of property management, development, and construction. COGIR is diversified in the following asset categories: enclosed and open air shopping centres, multi-family properties, retirement homes, student housing, industrial and office buildings, and hospitality. Company clients have varied profiles including pension funds, insurance companies, public companies, financial institutions, and local and foreign private funds. COGIR manages more than 150 properties located in Quebec, Ontario and Nova Scotia, comprising more than $3.5 billion of assets.

Currently, both Sandalwood Management and Crofton Moore provide property management, leasing, and some of the accounting functions at Partners' Quebec properties. The REIT greatly appreciates the contributions of these firms, and commends their commitment, attention to detail, and leasing expertise.

"We are pleased to announce the selection of COGIR Real Estate as our sole property management provider within the province of Quebec," stated Jane Domenico, the REIT's President and Chief Executive Officer. "Since the beginning of 2015, Partners has focused primarily on placing the best possible tenants within our properties and providing these tenants with the best possible service. Today's announcement, in tandem with the recent internalization of property management at our properties outside of Quebec, represents the continued execution of that strategy. We sincerely appreciate the exemplary level of service we have received from Sandalwood and Crofton over the past four and a half years. We are confident that our streamlined focus will result in the long-term improvement of Partners' unitholder value."

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.


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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