TORONTO, March 21, 2018 (GLOBE NEWSWIRE) -- Partners Real Estate Investment Trust (the “REIT”) (TSX:PAR.UN) announced today that its Board of Trustees has retained BMO Capital Markets to broker a possible sale of up to 11 of the REIT’s 34 properties. The properties that will be offered for sale are in British Columbia, Alberta and Manitoba and presently account for approximately 30% of the REIT’s assets based on book value and 29% of the REIT’s net operating income in the year ended December 31, 2017.
No sale agreements have yet been entered into and the REIT will only sell properties where it believes it can obtain fair value.
The REIT’s Board of Trustees and its management believe the sale, if appropriate values can be achieved, is in the best interests of the REIT and its unitholders. The REIT’s units regularly trade on the TSX at prices that significantly discount the appraised fair value of its properties.
The Board expects that proceeds of any sale will go to reduce debt and fund capital investment(s) in its remaining properties. The Board has not yet decided how it will utilize the balance of the proceeds, if any. The Board will consider next steps when more information is available, including how many of the 11 properties sell, and at what price.
About Partners REIT
Partners REIT is a real estate investment trust focused on the management of a portfolio of 34 retail and mixed-use community and neighbourhood shopping centres. These properties are located in both primary and secondary markets across British Columbia, Alberta, Manitoba, Ontario, and Quebec, and comprise a total of approximately 2.3 million square feet of leasable space.
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 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.
For further information please contact:
Partners REIT Investor Relations
1 (844) 474-9620 ext. 401
Chief Executive Officer
(416) 855-3313 ext. 401