TORONTO, March 11, 2019 (GLOBE NEWSWIRE) -- Partners Real Estate Investment Trust (the “REIT” or “Partners”) (TSX: PAR.UN) provides an update on the previously announced sale of its 11 Quebec retail properties (the “Quebec Sale Transaction”). The purchaser has waived its due diligence condition, but completion of the Quebec Sale Transaction remains subject to receipt of certain lender approvals and to a number of closing conditions. Following completion of the purchaser’s due diligence, the REIT and the purchaser have agreed to adjust the purchase price for the Quebec properties. As a result, the REIT now expects that, if completed, the Quebec Sale Transaction will result in net cash proceeds to the REIT of approximately $63 million, after payment of related mortgages and transaction expenses.
The REIT anticipates closing to occur in late April, 2019.
BMO Capital Markets Real Estate Inc. is acting as advisor to Partners on this transaction.
About Partners REIT
Partners REIT is a real estate investment trust that manages a portfolio of retail and mixed-use community and neighbourhood shopping centres located in both primary and secondary markets located mainly in Ontario and Quebec 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, including the inability of the REIT to complete the Quebec Sale Transaction, including as a result of failure to receive all required approvals and the ability of the parties to satisfy, in a timely manner, the conditions to the closing of the Quebec Sale Transaction. The anticipated closing date provided may change for a number of reasons, including the inability to secure necessary third party approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Quebec Sale Transaction. Although the 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