Partners Real Estate Investment Trust Completes Two Montreal Acquisitions
VICTORIA, BRITISH COLUMBIA -- (Marketwire) -- 03/18/13 -- Partners
Real Estate Investment Trust (the "REIT" or "Partners REIT")
(TSX:PAR.UN) announced today that it has completed the
previously-announced acquisitions of two newly-constructed
newly-constructed, necessity-based, open-air retail centres in the
Greater Montreal region totaling approximately 93,735 square feet of
gross leasable area.
The Sorel Shopping Centre is a newly-constructed, 31,136 square foot
open-air property, anchored by a SAQ liquor store and a Tim Hortons
coffee shop. Sorel is located 45 minutes northeast of downtown
Montreal. The property is strongly-positioned and is located adjacent
to the busy Highway 30.
The Saint Remi Shopping Centre is a newly-constructed, 62,300 square
foot open-air retail property, anchored by an IGA grocery store,
Uniprix, the SAQ and Tim Hortons. The centre is well-situated in a
primarily residential neighbourhood in a prime retail node for St.
Remi, Quebec, located 30 minutes south of downtown Montreal. An
additional approximately 25,000 square feet of the centre is to be
completed with leases pending, including Dollarama as an anchor
tenant, and is available for future acquisition by the REIT.
The REIT paid approximately $26.2 million for the properties,
utilizing cash on hand from the REIT's recently completed bought-deal
equity and debenture offerings. The properties are expected to be
refinanced with new mortgages totaling $15.2 million at an average
effective interest rate of approximately 3.4%. The properties are
expected to generate annualized Net Operating Income of approximately
$1.7 million and annualized Funds from Operations of $1.2 million.
"We are pleased to add these two high-quality retail properties to
our growing portfolio," commented Patrick Miniutti, President. "With
the closing of these properties, Partners REIT now has the benefit of
another developer "Partner" who we look forward to continuing to
create new shopping centres in the future that will be potential
additions to the portfolio."
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust,
which currently owns (directly or indirectly) 35 retail properties,
well-located in British Columbia, Alberta, Manitoba, Ontario and
Quebec, aggregating approximately 2.4 million square feet of leasable
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.
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
Net operating income ("NOI") and funds from operations ("FFO") are
non-IFRS measures often used by Canadian real estate investment
trusts as measures of operating performance. NOI and FFO are
presented herein because management believes these non-IFRS measures
are relevant measures of the operating performance of the REIT.
Partners Real Estate Investment Trust
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