Partners Real Estate Investment Trust Files Final Prospectus
22 December 2010 - 4:12AM
PR Newswire (Canada)
VICTORIA, Dec. 21 /CNW/ -- NOT FOR DISSEMINATION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED STATES VICTORIA, Dec. 21
/CNW/ - Partners Real Estate Investment Trust ("Partners REIT" or
the "Trust") (TSX-V: PAR.UN) announced that it has filed a final
prospectus with the securities regulatory authorities in each of
the provinces and territories of Canada in connection with its
previously announced offering of units. The offering is for
4,680,000 units, at a price of $1.60 per unit, for aggregate gross
proceeds of $7,488,000. The estimated net proceeds of the offering
to the Trust (before deducting expenses of the offering) will be
$7,038,720. Partners REIT expects that the offering will close on
or about December 30, 2010. TD Securities Inc. and CIBC World
Markets Inc. are acting as co-lead managers, along with a syndicate
of co-managers including, National Bank Financial Inc., Scotia
Capital Inc., Canaccord Genuity Corp., Dundee Securities
Corporation and Macquarie Capital Markets Canada Ltd.
(collectively, the "Underwriters"). The Trust has also granted to
the Underwriters an option (the "Over-Allotment Option") to
purchase up to an additional 468,000 units at a price of $1.60 per
unit on the same terms and conditions as the offering, exercisable
in whole or in part from time to time up to the 30(th) day
following the closing of the offering. If the Over-Allotment
Option is exercised in full, the aggregate gross proceeds of the
offering will be $8,236,800 and the estimated net proceeds to the
Trust (before deducting expenses of the offering) will be
$7,742,592. The net proceeds of the offering will be used to
finance possible future property acquisitions and for general trust
purposes. This news release shall not constitute an offer to sell
or the solicitation of an offer to buy any securities, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such jurisdiction.
The securities offered have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
"1933 Act"), and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons,
except in certain transactions exempt from the registration
requirements of the 1933 Act. About Partners REIT Partners REIT is
a growth-oriented real estate investment trust, which currently
owns (directly or indirectly) ten retail properties, well-located
in Ontario and Quebec, aggregating approximately 1.1 million square
feet of leaseable 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. Forward-looking Statements 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
clearance of the final prospectus and issuance of a receipt by the
relevant securities regulatory authorities, the timing of the
offering, success of the offering, listing of the units, use of
proceeds of the offering, 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. Neither
the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release. To view this news release in HTML formatting, please use
the following URL:
http://www.newswire.ca/en/releases/archive/December2010/21/c6954.html
pPatrick Miniutti, President and Chief Operating Officer (250)
595-9328/p
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