TORONTO, May 29, 2019 (GLOBE NEWSWIRE) -- Partners Real Estate Investment Trust (the “REIT” or “Partners”) (TSX: PAR.UN) today announced that its board of trustees (the “Board”) has initiated a process to explore and evaluate strategic alternatives available to the REIT, which may include, but is not limited to a sale of the REIT itself; a business combination with another party; and any other options that may be available and considered by the Board to be in the best interests of the REIT and its unitholders. The Board has retained BMO Capital Markets to advise and assist the Board in its exploration and evaluation of strategic alternatives.
The Board has not set a timetable for this process nor has it made any decisions related to any strategic alternatives at this time. There can be no assurance that the Board’s review of strategic alternatives will result in a transaction. Partners does not intend to provide announcements or updates regarding this process unless or until it determines that future disclosure is appropriate or necessary.
Partners also announced that, in light of the recent sale of all of its Quebec retail properties, the REIT has reduced the size of its workforce to reflect the smaller size of the REIT’s property portfolio and decrease its annual operating expenses.
About Partners REIT
Partners REIT is a real estate investment trust that manages a portfolio of retail and mixed-use community and neighbourhood shopping centres located in both primary and secondary markets located in Ontario and Manitoba, 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 the REIT. The forward-looking statements are not historical facts but reflect the 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 availability of, and ability of Partners to identify and consummate, strategic alternatives or transactions; and the risk factors discussed in materials filed by the REIT with applicable securities regulatory authorities from time to time, including matters discussed under “Risk Factors” in Partners’ most recent Annual Information Form. Although the 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.
For further information please contact:
Partners REIT Investor Relations
1 (844) 474-9620 ext. 401
C. Ian Ross
Chairman of the Board and Interim Chief Executive Officer
(416) 855-3313 ext. 501
Derrick West, CPA (CA)
Chief Financial Officer and Corporate Secretary
(416) 855-3313 ext. 503
Source: Partners Real Estate Investment Trust