Partners Real Estate Investment Trust

Partners Real Estate Investment Trust

April 30, 2014 16:18 ET

Partners Real Estate Investment Trust Accepts Financing Commitment

BARRIE, ONTARIO--(Marketwired - April 30, 2014) - Partners Real Estate Investment Trust (TSX:PAR.UN) ("Partners REIT" or the "REIT") is pleased to announce that it has received and accepted a financing commitment from a mortgage lender to secure $15 million of financing as a second mortgage loan on certain properties of the REIT.

The loan has a term of one year, with interest payable at the greater of 10% per annum or prime rate of interest, from time to time, plus 6% per annum. The loan will be secured by certain properties of the REIT located in Manitoba and Quebec. The REIT intends to use the proceeds of the loan to pay down existing revolving credit facilities and for general corporate purposes.

Closing of the financing is subject to customary financial and non-financial conditions and completion of formal documentation.

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 42 retail properties, well-located in British Columbia, Alberta, Manitoba, Ontario, and Quebec, aggregating approximately 3.2 million square feet of leasable space. Partners REIT focuses on expanding and managing a portfolio of retail and mixed-use community and neighborhood shopping centres located in both primary and secondary markets across Canada.


Certain statements included in this press release constitute forward-looking statements. 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. 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.

Contact Information

  • Partners Real Estate Investment Trust
    Derrick W. West
    Chief Financial Officer
    (705) 725-6020, ext. 121