Partners Real Estate Investment Trust
TSX : PAR.UN

Partners Real Estate Investment Trust

October 01, 2015 15:04 ET

Partners REIT Announces $9.2 Million Mortgage at Ontario Property

BARRIE, ONTARIO--(Marketwired - Oct. 1, 2015) - Partners Real Estate Investment Trust ("Partners" or the "REIT") (TSX:PAR.UN) is pleased to announce that it has finalized a $9.2 million mortgage at the REIT's Place Val Est property in Val Caron (Sudbury CMA), Ontario.

Place Val Est is a retail strip centre that comprises a total of 110,577 square feet.

The $9.2 million mortgage will provide Partners with approximately $2.8 million in additional liquidity to fund capital investments intended to improve the overall quality of the REIT's portfolio. The mortgage has a five-year term, and an interest rate of 3.15%. Partners will devote $6.3 million of the mortgage towards repayment of the property's previous and maturing mortgage, which carried an interest rate of 5.17%. Both the new and previous mortgages originated with the Canadian CMBS division of the Royal Bank of Canada.

Year-to-date, Partners has completed $14.8 million of new financings, inclusive of refinancing maturing mortgages, at an average rate of 3.05%.

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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