Partners Real Estate Investment Trust Announces Exercise of Over-Allotment Option in Connection with its Public Offering of Unit
30 December 2010 - 12:00AM
PR Newswire (Canada)
VICTORIA, BC, Dec. 29 /CNW/ -- /NOT FOR DISSEMINATION TO U.S. NEWS
WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ VICTORIA, BC,
Dec. 29 /CNW/ - Partners Real Estate Investment Trust ("Partners
REIT" or the "Trust") (TSX-V: PAR.UN) announced that it has
received a notice of exercise from the Underwriters (as defined
below), exercising the over-allotment option (the "Over-Allotment
Option") granted to the Underwriters 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 Over-Allotment Option is for an
additional 468,000 units and in connection with the closing of the
offering and the exercise of the Over-Allotment Option, 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. Partners REIT expects that the
offering and the Over-Allotment Option 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 net proceeds of the offering and the exercise
of the Over-Allotment Option 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
timing of the closing, the closing of the offering and the
Over-Allotment Option, 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/December2010/29/c7966.html
pPatrick Miniutti, President and Chief Operating Officer (250)
595-9328/p
Copyright
Partners Reit (TSXV:PAR.UN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Partners Reit (TSXV:PAR.UN)
Historical Stock Chart
From Jul 2023 to Jul 2024