BARRIE, ON, Nov. 28, 2013 /CNW/ - McCowan and Associates Ltd. ("McCowan") announces that it has today acquired 3,872,863 units ("Units") of Partners Real Estate Investment Trust ("Partners REIT") at a price per Unit of $7.00 from one seller by private agreement.
Immediately following the purchase of the Units, McCowan had beneficial ownership of, and control and direction over, directly or indirectly, approximately 14.95% of the issued and outstanding units of Partners REIT on an undiluted basis. The acquisition of Units in Partners REIT by McCowan is for investment purposes. McCowan may from time to time dispose of, or acquire, additional units of Partners REIT.
About McCowan and Associates Ltd.
McCowan and Associates Ltd. is a private company controlled by Ron McCowan, an entrepreneur who has over 40 years of extensive experience in real estate development, construction, ownership and management. McCowan currently owns and manages properties comprising more than 4 million square feet.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which Partners REIT is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with Partners REIT's documents on SEDAR at www.sedar.com.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this press release.
SOURCE: McCowan and Associates Ltd.
For further information:
including to obtain a copy of the Early Warning Report to which this press release relates:
c/o McCowan and Associates Ltd.
158 Dunlop Street East Barrie, Ontario
Tel: (416) 271-8249