Partners Real Estate Investment Trust
TSX : PAR.UN

Partners Real Estate Investment Trust

November 10, 2015 15:02 ET

Partners REIT Announces $4.0 Million Mortgage at Manitoba Property

BARRIE, ONTARIO--(Marketwired - Nov. 10, 2015) - Partners Real Estate Investment Trust ("Partners" or the "REIT") (TSX:PAR.UN) is pleased to announce that it has finalized a $4.0 million mortgage at the REIT's Shoppers Drug Mart property in Brandon, Manitoba.

The $4.0 million mortgage has a five-year term, and an interest rate of 3.32%. Partners will devote $2.0 million of the mortgage towards repayment of the property's previous and maturing mortgage, which carried an interest rate of 5.90%. Remaining net proceeds will be deployed towards the effective reduction of the REIT's debt levels. Both the new and previous mortgages originated with Montrose Winnipeg Inc.

Year-to-date, Partners has completed $18.8 million of new financings, inclusive of refinancing maturing mortgages, at an average rate of 3.11%.

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. 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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