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VICTORIA, Jan. 18, 2012 /CNW/ - Partners Real Estate Investment Trust ("Partners REIT") (TSXV: PAR.UN) is pleased that NorRock Realty Finance Corporation ("NorRock") has announced today that Ontario Superior Court of Justice has issued a final order approving the statutory plan of arrangement providing for the proposed acquisition of substantially all of the assets of NorRock by Partners REIT.
As previously disclosed, the proposed acquisition was approved by Partners REIT unitholders on December 15, 2011. Assuming all other conditions precedent to closing the proposed acquisition are satisfied or waived at the time, the closing of the proposed acquisition is expected to be on or about February 1, 2012.
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 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.
For further information:
Patrick Miniutti, President and Chief Operating Officer (250) 940-5500