BARRIE, ONTARIO–(Marketwired – Feb. 17, 2015) – Partners Real Estate Investment Trust (“Partners” or the “REIT”) (TSX: PAR.UN) is pleased to announce the refinancing of three of the REIT’s properties.
The three properties are located in Selkirk, Steinbach, and Winnipeg, Manitoba. Each of the properties is a free standing location anchored by a Shoppers Drug Mart.
These refinancings will increase the amount of capital available for funding improvements across the REIT’s property portfolio, in addition to addressing a maturing mortgage at one of the properties. The refinancings will consist of first mortgages that will amount to an aggregate of $5.6 million, and will provide the REIT with $4.1 million in additional liquidity to fund previously identified capital investments with high expected returns on investment.
These first mortgages carry an average weighted interest rate of 2.88% and an average term to maturity of 5.5 years. These financings were all originated by CMLS Financial Ltd.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust focused on the expansion and management of a portfolio of 36 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 2.5 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. 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.
1 (844) 474-9620 ext. 401
Renmark Financial Communications Inc.
Barry Mire (514) 939-3989 or (416) 644-2020
Robert Thaemlitz (514) 939-3989 or (416) 644-2020