TORONTO, June 28, 2018 (GLOBE NEWSWIRE) -- Partners Real Estate Investment Trust ("Partners" or the "REIT") (TSX:PAR.UN) is pleased to announce that it has finalized a bridge financing with a large Canadian Bank.
The bridge financing closed today and is for $4.64 million, matures December 31, 2018 with an interest rate of prime plus 3.0%. Partners will devote $1.3 million of the monies towards the repayment of a first mortgage at the Shoppers Drug Mart Pembina property, in Winnipeg Manitoba and $2.0 million towards the final repayment of the outstanding monies owed on the REIT’s maturing Credit Facility with First National Financial (TSX:FN) (TSX:FN.PR.A). The remaining net cash proceeds of $1.3 million prior to financing costs, will be utilized for general corporate purposes.
Moray Tawse a significant unitholder of the REIT, has an interest in First National Financial.
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
Jane Domenico, Chief Executive Officer
(416) 855-3313 ext. 401
Derrick West, Chief Financial Officer
(416) 855-3313 ext. 503