TORONTO, Oct. 10, 2018 (GLOBE NEWSWIRE) -- Partners Real Estate Investment Trust (“Partners REIT” or the “REIT”) (TSX:PAR.UN) announced today that it has agreed to sell its retail property in Cornwall, Ontario following an extensive process run by CBRE and supervised by Management and the REIT’s Board of Trustees.
The property has been agreed to be sold for $8.4 million. The transaction is not subject to either a financing condition or a due diligence condition. There are a number of other standard conditions for a sale of this type, with closing expected to occur on or before December 10th, 2018.
About Partners REIT
Partners REIT is a real estate investment trust that, following the sale of 9 Western Canada properties which is expected to close later this month and the Cornwall property, will own 23 retail properties located in Ontario and Quebec, aggregating approximately 1.7 million square feet of leasable space. Partners REIT manages a portfolio of retail and mixed-use community and neighbourhood shopping centres located in both primary and secondary markets across Canada.
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. Although Partners REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guaranteeing of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.
FOR FURTHER INFORMATION PLEASE CONTACT:
Partners REIT Investor Relations
1 (844) 474-9620 ext. 401
Chief Executive Officer
(416) 855-3313 ext. 401