Partners Real Estate Investment Trust Announces Sale of Mariner Square

TORONTO, Aug. 10, 2018 (GLOBE NEWSWIRE) -- Partners Real Estate Investment Trust ("Partners REIT") (TSX:PAR.UN) is pleased to announce that it has agreed to sell the Mariner Square property in Campbell River, British Columbia.  After repaying two mortgages the net cash proceeds to Partners REIT will be approximately $13 million.  This is the first property to be sold by the REIT pursuant to its previously announced plans to offer for sale up to 11 properties in Western Canada. The sale is expected to close on September 6, 2018 and is subject to a number of usual closing conditions. 

About Partners REIT

Partners REIT is a real estate investment trust, which currently owns (directly or indirectly) 34 retail properties (including 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.

Disclaimer

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
[email protected]

Jane Domenico
Chief Executive Officer
(416) 855-3313 ext. 401