Partners Real Estate Investment Trust announces proposed closing date for acquisition of assets of Norrock Realty Finance Cor...
10 Gennaio 2012 - 2:38PM
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.
TORONTO, Jan. 13, 2012 /CNW/ - Partners Real Estate Investment
Trust ("Partners REIT") is pleased that NorRock Realty Finance
Corporation ("NorRock") has announced today that the shareholders
of NorRock have approved the proposed acquisition of assets of
NorRock by Partners REIT. The unitholders of Partners REIT have
already approved the transaction. The closing of the proposed
acquisition is expected to be on or about February 1, 2012. In
addition, the previously announced consolidation of the Partners
REIT units is expected to occur on or about February 1,
2012. Partners will provide further details regarding the
consolidation closer to that date. Details of the transaction are
set out in the joint management proxy circular (the "Circular")
dated November 16, 2011 mailed to all unitholders of Partners
REIT and shareholders of NorRock. A copy of the Circular is
available electronically at www.sedar.com. 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
proposed consolidation of Partners REIT's units; our ability to
obtain court, regulatory and other approvals in connection with the
proposed transaction between Partners REIT and NorRock; the
fulfillment of conditions precedent to closing the transaction and
the successful completion of the proposed transaction between
Partners REIT and NorRock; our expectations regarding an increase
in funds available to Partners REIT as a result of the
acquisition of the assets of NorRock, our expectations regarding
the retention or sale of the mortgages and other assets acquired by
Partners REIT in connection with the transaction with NorRock;
Partners REIT's status as a "real estate investment trust" and the
application of the SIFT Rules (as that term is defined in the
Circular); Partners REIT's intention to continue to grow and
diversify its portfolio; 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. 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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