NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
VICTORIA, Dec. 21 /CNW/ - Partners Real Estate Investment Trust
("Partners REIT" or the "Trust") (TSX-V: PAR.UN) announced that it has
filed a final prospectus with the securities regulatory authorities in
each of the provinces and territories of Canada in connection with its
previously announced offering of units. The offering is for 4,680,000
units, at a price of $1.60 per unit, for aggregate gross proceeds of
$7,488,000. The estimated net proceeds of the offering to the Trust
(before deducting expenses of the offering) will be $7,038,720.
Partners REIT expects that the offering will close on or about December
TD Securities Inc. and CIBC World Markets Inc. are acting as co-lead
managers, along with a syndicate of co-managers including, National
Bank Financial Inc., Scotia Capital Inc., Canaccord Genuity Corp.,
Dundee Securities Corporation and Macquarie Capital Markets Canada Ltd.
(collectively, the "Underwriters").
The Trust has also granted to the Underwriters an option (the
"Over-Allotment Option") to purchase up to an additional 468,000 units
at a price of $1.60 per unit on the same terms and conditions as the
offering, exercisable in whole or in part from time to time up to the
30th day following the closing of the offering. If the Over-Allotment
Option is exercised in full, the aggregate gross proceeds of the
offering will be $8,236,800 and the estimated net proceeds to the Trust
(before deducting expenses of the offering) will be $7,742,592.
The net proceeds of the offering will be used to finance possible future
property acquisitions and for general trust purposes.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The
securities offered have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "1933 Act"), and
may not be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons, except in certain transactions
exempt from the registration requirements of the 1933 Act.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust, which
currently owns (directly or indirectly) ten retail properties,
well-located in Ontario and Quebec, aggregating approximately 1.1
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 "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, including the clearance of the final prospectus and
issuance of a receipt by the relevant securities regulatory
authorities, the timing of the offering, success of the offering,
listing of the units, use of proceeds of the offering, access to
capital, regulatory approvals, 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.
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) 595-9328