Partners Real Estate Investment Trust closes public offering
05 February 2012 - 5:18PM
PR Newswire (Canada)
Not for distribution to U.S. newswire services or for dissemination
in the United States. Any failure to comply with this
restriction may constitute a violation of U.S. securities laws.
VICTORIA, Feb. 8, 2012 /CNW/ - Partners Real Estate Investment
Trust (the "REIT" or "Partners REIT") is pleased to announce that
it closed its previously announced offering (the "Offering") of
10,753,000 units of the REIT (the "Units") at a price of $1.86 per
Unit representing gross proceeds of approximately $20 million, on a
bought deal basis, to a syndicate of underwriters (the
"Underwriters") co-led by National Bank Financial Inc. and
Canaccord Genuity Corp., and including Scotia Capital Inc., CIBC
World Markets Inc., TD Securities Inc., Desjardins Securities Inc.,
Macquarie Capital Markets Canada Ltd., Raymond James Ltd. and GMP
Securities L.P. The REIT has granted the Underwriters an
over-allotment option, exercisable in whole or in part at any time
up to 30 days following the closing of the offering, to purchase up
to an additional 1,612,950 Units at the same offering price. The
estimated net proceeds to the Trust from the Offering, after
deducting the Underwriters' fee of $900,026 but before deducting
the expenses of the Offering, were approximately $19.1 million. The
net proceeds from the Offering are expected to be used by the REIT
to pay out a loan facility entered into in connection with certain
property purchases and to pay down a portion of the REIT's
acquisition facility advanced in respect of a property purchase
completed in 2011. This press release shall not constitute an offer
to sell, or the solicitation of an offer to buy, any securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful. The securities being offered have not been and will not
be registered under the U.S. Securities Act of 1933 as amended and
may not be offered or sold in the United States absent registration
or pursuant to applicable exemption from registration. About
Partners REIT Partners REIT is a growth-oriented real estate
investment trust, which currently owns (directly or indirectly)
twenty-one retail properties located in British Columbia, Alberta,
Manitoba, Ontario and Quebec, aggregating approximately 1.7 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 "believe", "expect," "will", "offers
the opportunity", "intend, "look forward" 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 exercise of the
over-allotment option, the use of proceeds of the Offering,
access to capital, regulatory approvals, our intention to grow and
diversify our portfolio, intended acquisitions, our status as a
"real estate investment trust" 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. The
forward-looking statements contained in this press release reflect
our current views with respect to future events and are also
subject to certain other risks and uncertainties and other risks
detailed from time-to-time in Partners REIT's ongoing filings with
the securities regulatory authorities, which filings can be found
at www.sedar.com. Actual results, events, and performance may
differ materially from those contemplated in Partners REIT's
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements. Partners REIT
does not undertake any obligation to publicly update or revise any
forward-looking statements either as a result of new information,
future events or otherwise, except as required by applicable
securities laws. 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. Partners REIT CONTACT:
Partners REIT:Patrick Miniutti, President and Chief Operating
Officer (250) 940-5500
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