Business News • MarketWire • Partners REIT Completes Acquisition of Six Retail Properties |
Partners REIT Completes Acquisition of Six Retail Properties |
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Partners REIT Completes Acquisition of Six Retail Properties
VICTORIA, BRITISH COLUMBIA--(Marketwire - March 17, 2011) - Partners Real Estate Investment Trust ("Partners REIT" or the "REIT") (TSX VENTURE:PAR.UN) announced today that it completed the previously announced acquisition (the "Acquisition") of a portfolio of five properties in Manitoba and one in Quebec aggregating approximately 104,000 square feet of gross leaseable area. The properties are fully occupied, primarily by Shoppers Drug Mart. The purchase price was approximately $31.0 million satisfied by the assumption of existing mortgages of approximately $17.2 million, with the balance in cash. The cash portion of the purchase price came from the use of $9.4 million of the net proceeds from the recently completed $28.75 million bought-deal offering of extendible convertible unsecured subordinated debentures (the "Debentures") and the balance from working capital on hand. The properties currently generate Net Operating Inco
View More : http://www.marketwire.com/mw/release.do?id=1413751&sourceType=3
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