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VICTORIA, Jan. 18, 2012 /CNW/ - Partners Real Estate Investment Trust ("Partners REIT") (TSXV: PAR.UN) is pleased that NorRock Realty Finance Corporation ("NorRock") has announced today that Ontario Superior Court of Justice has issued
a final order approving the statutory plan of arrangement providing for
the proposed acquisition of substantially all of the assets of NorRock
by Partners REIT.
As previously disclosed, the proposed acquisition was approved by
Partners REIT unitholders on December 15, 2011. Assuming all other
conditions precedent to closing the proposed acquisition are satisfied
or waived at the time, the closing of the proposed acquisition is
expected to be on or about February 1, 2012.
Details of the transaction are set out in the joint management proxy
circular (the "Circular") dated November 16, 2011 mailed to all unitholders of Partners REIT
and shareholders of NorRock. A copy of the Circular is available
electronically at www.sedar.com.
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 the proposed consolidation of Partners REIT's
units; our ability to obtain regulatory and other approvals in
connection with the proposed transaction between Partners REIT and
NorRock; the fulfillment of conditions precedent to closing the
transaction and the successful completion of the proposed transaction
between Partners REIT and NorRock; our expectations regarding an
increase in funds available to Partners REIT as a result of the
acquisition of the assets of NorRock, our expectations regarding the
retention or sale of the mortgages and other assets acquired by
Partners REIT in connection with the transaction with NorRock; Partners
REIT's status as a "real estate investment trust" and the application
of the SIFT Rules (as that term is defined in the Circular); Partners
REIT's intention to continue to grow and diversify its portfolio;
intended acquisitions; 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