Partners Real Estate Investment Trust Expands its Presence in Alberta through the Acquisition of Grand Prairie Shopping Centre
(firmenpresse) - VICTORIA, BRITISH COLUMBIA -- (Marketwired) -- 07/23/13 -- Partners Real Estate Investment Trust ("Partners REIT" or "Partners") (TSX: PAR.UN) announced today that it has entered into an agreement to purchase Cobblestone Shopping Centre ("Cobblestone") a 100% occupied shopping centre in Grande Prairie, Alberta. Cobblestone, which was built in 2007 and 2008, is composed of three buildings that aggregate 42,980 square feet of leasable space. The transaction is expected to close on or before August 19, 2013.
The purchase price for the transaction will be approximately $16.6 million, which will be satisfied through a combination of assumed and new mortgages totalling $11.3 million, maturing in January 2018 and bearing a combined effective interest rate of 4.03%, with the balance in cash. The centre is expected to generate current in-place annualized Net Operating Income of $1.1 million and $0.7 million in Funds from Operations, with a negligible impact on the overall capital structure.
Cobblestone is anchored by Shoppers Drug Mart, TD Canada Trust, Starbucks, Liquor Depot, and Aurora Eye Care. 78% of Cobblestone's rentable area and 81% of its in-place base rental income is derived from national or regional tenants.
"We are pleased to add the Cobblestone Shopping Centre to our portfolio, and to continue to expand our Company's presence in Western Canada," stated Patrick Miniutti, Partners' Chief Executive Officer. "Cobblestone is located within a strong economic region that is experiencing continued population and retail sales growth. The property also boasts an exceptional roster of long-term anchor tenants, with limited tenant roll-over and capital requirements expected for the foreseeable future. Partners' primary growth strategy is to continue to assemble a portfolio of retail assets that are attractive to necessity-based retailers, and feature consistent, defensible cash flows. Cobblestone clearly aligns with this strategy, and represents another step towards our goal of reaching $1 billion in assets by the conclusion of this year."
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 38 retail properties, well-located in British Columbia, Alberta, Manitoba, Ontario and Quebec, aggregating approximately 2.7 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.
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, including access to capital, regulatory approvals, 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.
Net operating income ("NOI") and funds from operations ("FFO") are non-IFRS measures often used by Canadian real estate investment trusts as measures of operating performance. NOI and FFO are presented herein because management believes these non-IFRS measures are relevant measures of the operating performance of the REIT.
Contacts:
Partners Real Estate Investment Trust
Patrick Miniutti
CEO
(250) 940-5500
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Datum: 23.07.2013 - 10:53 Uhr
Sprache: Deutsch
News-ID 1248023
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