TORONTO, May 28, 2013 /CNW/ - Partners Real Estate Investment (Partners)
(TSX: PAR.UN) is urging unitholders to re-elect the current independent
trustees and vote their BLUE proxy to internalize management for the best interest of all
Ahead of Partners' annual meeting on June 6, 2013, Partners' independent
trustees have further outlined in a recent letter to unitholders the
reasons for internalization, including quantifying the cost savings to
be realized by internalizing management now and citing conflicts of
interest that the recently terminated External Manager continues to
The letter explains the effective role the current independent trustees
have played in Partners' success and lets unitholders know that they
can pay $2.1 million now to internalize management or continue to pay
the External Manager a total of $34 million over the next five years,
including $8 million then, to internalize management. The Independent
Trustees believe that the best way to protect Partners is to
internalize management now and bring in a strong, devoted, credible
internalized management team that will protect unitholder capital.
Partners lists the following benefits of internalizing management:
Having a high quality management team focused ONLY on enhancing unit
Improved management and governance of Partners;
Elimination of the many conflicts of interest between the External
Manager and Partners; and
Reducing the cost of managing the REIT.
Attention Partners Unitholders:
Partners unitholders are urged to protect their investment by voting the
BLUE proxy. The voting deadline is 2:30pm (Toronto time) on Tuesday, June 4,
If you have voted a gold proxy, you can still change your vote, simply
by voting your BLUE proxy today. Your subsequent later dated BLUE
proxy will replace any prior dated gold proxy you may have voted. The
full text of the letter can be found on www.sedar.com.
Unitholders who do not have a BLUE proxy or who have questions about voting their proxy for the upcoming
meeting of unitholders should contact Kingsdale Shareholder Services
Inc. toll-free at 1-888-518-1565 or firstname.lastname@example.org.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust, which
currently owns (directly or indirectly) thirty-eight retail properties,
well-located in British Columbia, Alberta, Manitoba, Ontario and
Quebec, aggregating approximately 2.7 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.
SOURCE: Partners REIT
For further information:
Mills Investor Relations
Grant Hughes, Senior Vice President, Operations
Kingsdale Shareholder Services Inc.