VICTORIA, BRITISH COLUMBIA–(Marketwire – Feb.20, 2012) –
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Partners Real Estate Investment Trust (TSX VENTURE: PAR-UN.V – News ) (“Partners REIT”) voiced currently that it would be appropriation Quinte Crossroads, a new growth consisting of 88,319 block feet of not long ago assembled 4 office building power centre on 14.26 acres, in Belleville, ON.This new format core is right away next to the Quinte Mall to the easterly and shade anchored by The Home Depot, providing high volumes of sell traffic and reside urge gift both stream income characteristics and a nearby tenure worth increase opportunity.In addition, this chance offers roughly 48,000 block feet of preapproved growth in the heart of the 14.26 hactare site providing promising upside in the nearby term.The skill is currently 100% assigned and generates Net Operating Income in the total of roughly $1.4 million on an annualized bases and administration expects it will produce roughly $900,000 in incremental annualized Funds From Operations.
The buy cost of the skill is roughly $21.25 million, theme to last adjustments and other merger costs.The merger will be contented by the chain of a new housing loan in the amount of $14.2 million and the change from supports on hand.The shutting of this contract is approaching to happen on or about Mar 31, 2012.
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“The merger is conform to with Partners REIT’s plan to strengthen, spread and serve variegate its portfolio by appropriation well-positioned residents and neighbourhood properties in growth markets with conform to burly money flows subsequent from tenants that give necessity-based products and services,” commented Adam Gant, Chief Executive Officer.
About Partners REIT
Partners REIT is a growth-oriented actual estate investment trust, that currently owns (directly or indirectly) 27 sell properties located in British Columbia, Alberta, Ontario, Manitoba and Quebec, aggregating roughly 2.1 million block feet of leaseable space.Partners REIT focuses on expanding and handling a portfolio of sell and mixed-use residents and neighbourhood selling centres located in both first and lesser markets opposite Canada.
Forward-looking Statements
Certain statements enclosed in this press let go consecrate forward-looking statements, including, but not paltry to, those identified by the expressions “expect,” “will” and identical expressions to the border they describe to Partners REIT.The forward- seeking statements are not chronological information but simulate Partners REIT’s stream expectations concerning future results or events.These deliver seeking statements are theme to a number of risks and uncertainties that could result in actual results or events to deviate materially from stream expectations, inclusive the formation of the acquisitions with our skill portfolio, the taking of regulatory approval, our expectations concerning shutting the draft acquisitions, the approaching increase in the mortgage, our expectations concerning an increase in incremental supports as a result of the acquisitions, our goal to go on to blossom and variegate our portfolio, access to capital, regulatory approvals, intended acquisitions and broad mercantile and attention conditions.Although Partners REIT believes that the assumptions fundamental in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future opening and, accordingly, readers are cautioned not to place unjustified dependence on such statements due to the fundamental doubt therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that tenure is tangible in policies of the TSX Venture Exchange) accepts shortcoming is to satisfactoriness or accurateness of this release.
Contacts
Patrick Miniutti
Partners Real Estate Investment Trust
President and Chief Operating Officer
(250) 940-5530
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