TORONTO, ONTARIO--(Marketwired - Sept. 16, 2016) - Partners Real Estate Investment Trust (the "REIT," or "Partners") (TSX:PAR.UN) is pleased to announce that that the REIT has signed a Letter of Intent with Dollarama Inc. (TSX:DOL) ("Dollarama") with regards to leasing space at the REIT's Cornwall Square property in Cornwall, Ontario.
Cornwall Square comprises more than 250,000 square feet, and currently counts both Shoppers Drug Mart and Sears among its tenant roster. As at June 30, 2016, the property had occupancy of 77.4%, a level that will rise to 82.8% as a result of this transaction (based on Q2 2016 reporting results). The planned Dollarama store will occupy approximately 15,000 square feet of previously vacant space. Management strongly believes that the opening of Dollarama will help to both increase visitor traffic at Cornwall Square and fulfill a market niche, which will result in the improvement of future leasing efforts at the property.
Dollarama is the premier Canadian dollar store operator offering a broad assortment of everyday consumer products, general merchandise, and seasonal items. While Dollarama has approximately 1,050 locations across Canada and existing locations within the greater Cornwall area, there is not currently a Dollarama location within the downtown core.
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.