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VICTORIA, Feb. 14, 2012 /CNW/ - Partners Real Estate Investment Trust (the "REIT" or "Partners REIT") (TSXV: PAR.UN) (TSXV: PAR.DB) is pleased to announce that it has
completed the previously disclosed consolidation of its issued and
outstanding units on the basis of one (1) post-consolidation unit for
every four (4) pre-consolidation units. The exercise price and number
of units of Partners REIT issuable upon the exercise of outstanding
options, warrants and convertible debentures has been proportionally
adjusted with the implementation of the unit consolidation.
Computershare Investor Services Inc. ("Computershare"), as soon as practicable, will aggregate all fractional Partners REIT
units into marketable blocks of units and, as agent for the relevant
holders of such fractional Partners REIT units, sell such Partners REIT
Units on the TSX Venture Exchange for cash proceeds. Computershare will
then remit the net sale proceeds from the sale of all such fractional
Partners REIT units pro-rata to the relevant holders. Remittance of any
pro-rata cash entitlements by Computershare may be delayed as a
consequence of the clearing and settlement process for such sales.
Letters of transmittal providing for the exchange of certificates
representing pre-consolidation units for certificates representing
post-consolidation units will be delivered to unitholders shortly.
Also, as announced on February 1, 2012, Partners REIT completed the
acquisition of the assets of NorRock Realty Finance Corporation ("NorRock"). Pursuant to such transaction, holders of NorRock Class A shares of
record on February 8, 2012 are entitled to receive units of Partners
REIT; and as a result of the timing of the consolidation of the units
of Partners REIT as described above, holders of NorRock Class A shares
will receive units of Partners REIT on a post-consolidated basis. This
is expected to occur today and will be effected by Computershare which
is currently holding such units as agent.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful. The
securities being offered have not been and will not be registered under
the U.S. Securities Act of 1933 as amended and may not be offered or
sold in the United States absent registration or pursuant to applicable
exemption from registration.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust, which
currently owns (directly or indirectly) twenty-two retail properties
located in British Columbia, Alberta, Manitoba, Ontario and Quebec,
aggregating approximately 1.7 million square feet of leaseable 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.
Certain statements included in this press release constitute
forward-looking statements, including, but not limited to, those
identified by the expressions "believe", "expect," "will", "offers the
opportunity", "intend, "look forward" 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,
our intention to grow and diversify our portfolio, intended
acquisitions, our status as a "real estate investment trust" 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.
The forward-looking statements contained in this press release reflect
our current views with respect to future events and are also subject to
certain other risks and uncertainties and other risks detailed from time-to-time in Partners REIT's ongoing filings with the securities
regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially from
those contemplated in Partners REIT's forward-looking statements.
Readers are cautioned not to place undue reliance on these
forward-looking statements. Partners REIT does not undertake any
obligation to publicly update or revise any forward-looking statements
either as a result of new information, future events or otherwise,
except as required by applicable securities laws.
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.
SOURCE Partners REIT
For further information:
Patrick Miniutti, President and Chief Operating Officer (250) 940-5500