Partners Real Estate Investment Trust announces filing of a preliminary prospectus and proposed timing of consolidation
23 Gennaio 2012 - 8:23PM
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./ VANCOUVER, Jan. 24, 2012 /CNW/ - Partners Real Estate
Investment Trust (the "REIT" or "Partners REIT") is pleased to
announce that, as previously disclosed, it has filed a preliminary
prospectus with the securities regulatory authorities in each of
the provinces of Canada, except Quebec, to qualify the distribution
(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 Offering is expected to close on or about
February 8, 2012 and is subject to certain conditions including,
but not limited to, the receipt of all necessary approvals,
including the approval of the TSX Venture Exchange. Partners REIT
also announced today that it expects its previously announced
consolidation of units on the basis of one post-consolidation unit
for every four pre-consolidation units, will take place in February
2012 after the closing of the Offering. The consolidation is
subject to the approval of the TSX Venture Exchange. 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 closing of the Offering,
success of the Offering, listing of the Units, use of proceeds of
the Offering, regulatory approval of the proposed consolidation of
units, 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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