Partners Real Estate Investment Trust Completes Two Montreal Acquisitions
VICTORIA, BRITISH COLUMBIA -- (Marketwired) -- 05/13/13 -- Partners
Real Estate Investment Trust (the "REIT" or "Partners REIT")
(TSX:PAR.UN) announced today that it has completed the
previously-announced acquisitions of a newly-constructed,
necessity-based, open-air retail centre and a stabilized retail
centre in the Greater Montreal region totaling approximately 169,932
square feet of gross leasable area.
Marcel-Laurin is a newly-constructed, 120,566 square foot open-air
retail centre, anchored by a Metro grocery store and a Brunet
Pharmacy with no scheduled lease rollover until 2020. Marcel-Laurin
has a prominent location in the primary retail node and access roads
in Saint Laurent, Quebec, a suburb of Montreal.
The Repentigny Shopping Centre is a 49,366 square foot open-air
stabilized retail centre, anchored by a Familiprix, Dollarama, and
Banque Nationale du Canada. The centre is well-located on Boulevard
Iberville in Repentigny, Quebec, a suburb of Montreal.
The REIT paid approximately $45.9 million for the properties,
satisfied by new mortgages of approximately $27.6 million with a
weighted average interest rate of 3.75%, with the balance in cash.
The properties are expected to generate annualized Net Operating
Income of approximately $3.0 million and annualized Funds from
Operations of $2.0 million.
"The acquisition of the Marcel-Laurin and Repentigny properties
continues to reflect the strategy of Partners REIT of acquiring
high-quality, necessity-based and stable properties which are
accretive and which provide unit holders with long-term and
defensible cash flow," commented Edward Boomer, Chief Investment
Officer of the REIT.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust,
which currently owns (directly or indirectly) 38 retail properties,
well-located in British Columbia, Alberta, Manitoba, Ontario and
Quebec, aggregating approximately 2.7 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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