TORONTO, Sept. 07, 2018 (GLOBE NEWSWIRE) -- Partners Real Estate Investment Trust (“Partners REIT”) (TSX:PAR.UN) is pleased to announce that it has closed the previously announced sale of the Mariner Square property in Campbell River, British Columbia.
After repaying two mortgages, the net-cash proceeds from the sale of Mariner Square will be approximately $13 million. The REIT is considering various options with regard to the best use of the net-cash proceeds.
Distribution of $0.02083 per Unit
Partners REIT is pleased to announce a $0.02083 per Unit distribution for September 2018. The distribution will be paid on October 15, 2018 to unitholders of record as at September 28, 2018. Partners REIT currently has 46,025,975 Units outstanding.
Distribution Reinvestment Plan
Partners REIT offers a distribution reinvestment plan whereby residents of Canada may elect to have their cash distributions reinvested in additional units of Partners REIT.
About Partners REIT
Partners REIT is a real estate investment trust, which currently owns (directly or indirectly) 33 retail properties (excluding Mariner Square), 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. Although Partners REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guaranteeing of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.
FOR FURTHER INFORMATION PLEASE CONTACT:
Partners REIT Investor Relations
1 (844) 474-9620 ext. 401
Chief Executive Officer
(416) 855-3313 ext. 401
Source: Partners Real Estate Investment Trust