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TORONTO, Jan. 13, 2012 /CNW/ - Partners Real Estate Investment Trust ("Partners REIT") (TSXV: PAR.UN) is pleased that NorRock Realty Finance Corporation ("NorRock") has announced today that the shareholders of NorRock have approved
the proposed acquisition of assets of NorRock by Partners REIT. The
unitholders of Partners REIT have already approved the transaction.
The closing of the proposed acquisition is expected to be on or about
February 1, 2012. In addition, the previously announced consolidation
of the Partners REIT units is expected to occur on or about February 1,
2012. Partners will provide further details regarding the consolidation
closer to that date.
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 court, 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