Construction/Building — February 19, 2013Partners Real Estate Investment Trust to Acquire Vancouver Island Retail Property
VICTORIA, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2013) - Partners Real Estate Investment Trust (TSX:PAR.UN) (the "REIT") announced today that it had signed an agreement to purchase the Mariner Square Shopping Centre, a 97.8% occupied six-building open-air retail centre aggregating approximately 101,000 square foot of Gross Leasable Area ("GLA"). Anchored by a Save-On Foods grocery store, London Drugs and a BC Liquor Store, as well as a Starbucks coffee shop and Subway restaurant, approximately 89% of the property's total in-place rental income is derived from necessity-based national, regional and government tenants. The centre is situated in downtown Campbell River on the east coast of Vancouver Island about 260 kilometers north of Victoria. The transaction is expected to close on or before April 15th, 2013.
The REIT will pay approximately $25.8 million for the property, satisfied by the assumption of a $14.7 million current mortgage maturing in November 2017 bearing a mark-to-market interest rate of 3.5%, with the balance in cash. The centre is estimated to generate current in-place annualized Net Operating Income of approximately $1.7 million and $0.8 million in annualized Funds from Operations.
"We are pleased to be expanding our presence on Vancouver Island with the purchase of Mariner Square," commented Patrick Miniutti, President. "The property is well-situated in a strong economic region experiencing solid population growth supported by two major infrastructure projects, and is consistent with our strategy to purchase retail assets with consistent and defensible cash flow."
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 33 retail properties, well-located in British Columbia, Alberta, Manitoba, Ontario and Quebec, aggregating approximately 2.3 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 therein.
Partners Real Estate Investment Trust
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