Partners Real Estate Investment Trust Closes Public Offering
March 08 2011 - 7:40AM
PR Newswire (Canada)
VICTORIA, March 8 /CNW/ -- /NOT FOR DISSEMINATION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED STATES/ VICTORIA, March 8
/CNW/ - Partners Real Estate Investment Trust ("Partners REIT" or
the "REIT") (TSXV: PAR.UN) announced that it has closed its
previously announced offering of $25,000,000 aggregate principal
amount of 8.0% extendible convertible unsecured subordinated
debentures (the "Debentures"). The net proceeds to the REIT
(before deducting expenses of the offering) were $23,625,000. TD
Securities Inc. and CIBC acted as co-lead managers, along with a
syndicate of co-managers including, Dundee Securities Ltd.,
Macquarie Capital Markets Canada Ltd., Scotia Capital Inc.,
National Bank Financial Inc., Canaccord Genuity Corp., Raymond
James Ltd. and Brookfield Financial Corp. (collectively, the
"Underwriters"). The REIT intends to use the net proceeds of the
offering to partially fund the acquisition of six additional
properties as described in the REIT's press release dated February
14, 2011, the repayment of an $8,600,000 secured loan bearing
interest at 8.75% and for general trust purposes. The REIT has
granted the Underwriters an over-allotment option, exercisable in
whole or in part at any time up to 30 days following the closing of
the offering, to purchase up to an additional $3,750,000 principal
amount of Debentures. This news release shall not constitute an
offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such jurisdiction. The securities offered have
not been and will not be registered under the United States
Securities Act of 1933, as amended (the "1933 Act"), and may not be
offered or sold within the United States or to, or for the account
or benefit of, U.S. persons, except in certain transactions exempt
from the registration requirements of the 1933 Act. About Partners
REIT Partners REIT is a growth-oriented real estate investment
trust, which currently owns (directly or indirectly) ten retail
properties, well-located in Ontario and Quebec, aggregating
approximately 1.2 million square feet of leaseable 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.
Forward-looking Statements Certain statements included in this
press release constitute forward-looking statements, including, but
not limited to, those identified by the expressions "expect,"
"will" 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 use of proceeds of the offering, access
to capital, regulatory approvals, 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. 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. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/March2011/08/c8822.html
pPatrick Miniutti, President and Chief Operating Officer (250)
595-9328/p
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