|By Marketwired .||
|June 6, 2014 07:31 PM EDT||
BARRIE, ONTARIO -- (Marketwired) -- 06/06/14 -- Partners Real Estate Investment Trust (the "REIT" or "Partners") (TSX: PAR.UN) announced today that the REIT and Holyrood Holdings Limited ("Holyrood") have entered into an agreement (the "Rescission Agreement") to rescind and unwind the purchase and sale agreement dated April 2, 2014 between the REIT and Holyrood (the "PSA") that resulted in the REIT purchasing three Ontario properties from Holyrood (the "April Transaction").
The Rescission Agreement stipulates that, subject to certain conditions as described below, Holyrood and Partners have agreed to rescind each of the transactions contemplated by the PSA such that, to the maximum extent practicable, each of Holyrood, Partners Ontario Limited Partnership ("Partners LP") and Partners REIT will be in the same position as they were in prior to the completion of the April Transaction. Accordingly, Holyrood would reclaim all of its right, title and interest in and to the assets involved in the April Transaction and Partners would reclaim and cancel the 4,813,517 class B limited partnership units in Partners LP and the 1,188,188 units of the REIT that were issued to Holyrood. The completion of the unwind remains subject to obtaining an order from the Ontario Superior Court, consent from Holyrood's lender to the release of its security with respect to the units in Partners LP and the REIT that were issued to Holyrood, consents from the mortgagees of the applicable properties, as well as the satisfaction of other conditions specified in the Rescission Agreement. A copy of the Rescission Agreement will be posted under the REIT's profile on SEDAR at www.sedar.com.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 42 retail properties, well located in British Columbia, Alberta, Manitoba, Ontario, and Quebec, aggregating approximately 3.2 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. 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 guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.
Partners Real Estate Investment Trust
(705) 725-6020 ext 401