TORONTO, March 25, 2014 /CNW/ - McCowan and Associates Ltd. ("McCowan") announces that it has acquired beneficial ownership of 529,473 units ("Units") of Partners Real Estate Investment Trust ("Partners REIT") at a price per Unit of $7.00 from two sellers by private agreement. McCowan has control and direction over 17,501 of the Units.
Immediately following the purchase of the Units, McCowan had (i) beneficial ownership of approximately 16.98% of the issued and outstanding units of Partners REIT and (ii) control and direction over 14.94% of the issued and outstanding units of Partners REIT, directly or indirectly, 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:
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 Unit #201 Barrie, Ontario
Tel: (416) 271-8249