Partners Real Estate Investment Trust

Partners Real Estate Investment Trust

September 26, 2011 08:30 ET

Partners REIT To Welcome Wal-Mart to Quebec Property

VICTORIA, BRITISH COLUMBIA--(Marketwire - Sept. 26, 2011) - Partners Real Estate Investment Trust ("Partners REIT") (TSX VENTURE:PAR.UN) announced today that it has entered into an agreement with Wal-Mart Canada Corp., effective September 23, 2011, for the transfer and assignment of the lease of the space currently occupied by Zellers Inc. at the REIT's recently-acquired Place Desormeaux shopping center located in Longueuil, Quebec. Under the agreement, Zellers has entered into a sublease agreement with Wal-Mart Canada to expire on or before March 31, 2013 in order to wind down and close the Zellers' business at the location. Once Zellers vacates the premises, the approximately 81,000 square feet store at the center will be converted to a Walmart store. The current term of the lease expires in May 2016; however, Wal-Mart Canada has options to renew the lease for up to nine successive option periods, each for a five-year term. The provisions of the amended lease include various modifications of the prior lease with Zellers.

"The addition of Wal-Mart to Place Desormeaux significantly strengthens the center's presence and retail offering. We look forward to a long and mutually rewarding relationship with one of North America's leading retailers," commented Adam Gant, Chief Executive Officer.

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 20 retail properties located in British Columbia, Ontario, Manitoba and Quebec, aggregating approximately 1.6 million square feet of leasable space. Partners REIT focuses on expanding and managing a portfolio of retail and mixed-use community and neighbourhood shopping centres located in both primary and secondary markets across Canada.

Forward-looking Statements

Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect," "will", "offers the opportunity" 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 our expectations that the Zellers store at Place Desormeaux will be converted to a Walmart store, our intention to continue to grow and diversify our portfolio through intended acquisitions, access to capital, regulatory approvals 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Partners REIT
    Patrick Miniutti
    President and Chief Operating Officer
    (250) 940-5500