|By Marketwired .||
|September 1, 2014 04:17 PM EDT||
BARRIE, ONTARIO -- (Marketwired) -- 09/01/14 -- Partners Real Estate Investment Trust ("Partners REIT" or "Partners" or "REIT") (TSX:PAR.UN) is pleased to provide an update on both the unwinding of its purchase of three retail centres from Holyrood Holdings ("Holyrood") and its sale of a small portfolio of Ontario properties. These items were discussed in detail within a press release entitled "Partners REIT Announces Strategic Steps to Improve Financial Position," disseminated on August 14, 2014.
HOLYROOD TRANSACTION UPDATE
Partners REIT has previously announced that it entered into a Rescission Agreement dated June 6, 2014 with Holyrood providing for the rescission of the April 2014 transaction in which the REIT acquired three Ontario retail centres (in Hamilton, London and Kemptville) from Holyrood for an aggregate purchase price of $83.2 million. Partners satisfied the purchase price for the three properties by assuming mortgage debt and directing its subsidiary, Partners Ontario Limited Partnership, to issue 4,813,517 exchangeable LP Units to Holyrood. Concurrently, Holyrood subscribed for 1,188,188 units of Partners REIT at $5.80 per unit and issued a promissory note to the REIT in payment. The purpose of the proposed rescission is to reverse all these transactions and put the parties, to the extent possible, back into the position they were in prior to the Holyrood transaction.
The REIT and Holyrood have now commenced an application to the Ontario Superior Court for an Order rescinding the original Agreement of Purchase and Sale together with the related agreements. The REIT has been advised by Holyrood that it is in the process of arranging for the release of the units of Partners Ontario LP and Partners REIT that it had pledged as collateral for a loan following the Holyrood transaction in April 2014. This release of the pledged units will allow the units to be cancelled upon the completion of the rescission. There are a number of conditions that must be satisfied before the rescission can be completed, including obtaining the Order from the Ontario Superior Court. Although Partners REIT and Holyrood are both very confident that they have the appropriate grounds to apply for the Court Order, there is no assurance that the rescission will be completed until all of the conditions are satisfied and the appropriate Court Order is received.
Although the Rescission Agreement provides that it will terminate on August 31, 2014 if the Court Order has not been obtained by that date, both Partners REIT and Holyrood have agreed to amend that provision and to continue to use their reasonable commercial efforts to accomplish the rescission.
Upon completion, the rescission will require the REIT to reissue its June 30, 2014 financial statements. These statements will be consistent with Note 3 of the previously issued June 30, 2014 statements published on August 14, 2014.
SALE OF ONTARIO PROPERTIES STATUS UPDATE
On August 14, 2014, Partners announced that it had entered into a conditional purchase and sale agreement with an unrelated third party ("Purchaser"). Partners and the undisclosed Purchaser have moved forward on satisfying a number of the conditions associated with the agreement but as of this date the transaction remains conditional.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 42 retail properties (including the Holyrood properties), 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, 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 guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.
Partners REIT Investor Relations
1 (844) 474-9620 ext. 401
Renmark Financial Communications Inc.
Barry Mire (514) 939-3989 or (416) 644-2020
Renmark Financial Communications Inc.
Robert Thaemlitz (514) 939-3989 or (416) 644-2020
Media: Longview Communications
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Mar. 6, 2015 05:00 PM EST Reads: 2,630
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, will demonstrate the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He will discuss from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT ...
Mar. 6, 2015 04:45 PM EST Reads: 2,495
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance...
Mar. 6, 2015 04:15 PM EST Reads: 1,122
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, will analyze a range of cloud offerings (IaaS, PaaS, SaaS) and discuss the benefits/challenges of migrating to each of...
Mar. 6, 2015 04:00 PM EST Reads: 1,080
Platform-as-a-Service (PaaS) is a technology designed to make DevOps easier and allow developers to focus on application development. The PaaS takes care of provisioning, scaling, HA, and other cloud management aspects. Apache Stratos is a PaaS codebase developed in Apache and designed to create a highly productive developer environment while also supporting powerful deployment options. Integration with the Docker platform, CoreOS Linux distribution, and Kubernetes container management system ...
Mar. 6, 2015 04:00 PM EST Reads: 1,197
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been ...
Mar. 6, 2015 04:00 PM EST Reads: 1,589
The results of a global study commissioned by CA Technologies reveal that mobile and desktop applications have become the new battleground for brand loyalty. In today’s software-driven world, where consumers are more discerning about what they expect from applications, the reality is that businesses that fail to deliver a positive application experience risk losing as much as a quarter of their customer base. “Consumers no longer view applications as nice-to-have novelties. They now have a hug...
Mar. 6, 2015 03:30 PM EST Reads: 648
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
Mar. 6, 2015 03:15 PM EST Reads: 1,613
Mar. 6, 2015 03:15 PM EST Reads: 2,387
SYS-CON Media announced today that Symantec, a provider of leading security, backup and availability solutions for where vital information is stored, accessed and shared, has launched new ad campaigns on SYS-CON's i-Technology sites, which include Cloud Computing Journal, DevOps Journal, Virtualization Journal, and IoT Journal. Symantec’s campaigns focus on Disaster Recovery and High Availability, the availability of business-critical applications in today’s complex heterogeneous environments, ...
Mar. 6, 2015 03:00 PM EST Reads: 800
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core...
Mar. 6, 2015 02:30 PM EST Reads: 3,270
Skytap Inc., has appointed David Frost as vice president of professional services. David joins Skytap from Deloitte Consulting where he served as Managing Director leading SAP, Cloud, and Advanced Technology Services. At Skytap, David will head the company's professional services organization, and spearhead a new consulting practice that will guide IT organizations through the adoption of DevOps best practices. David's appointment comes on the heels of Skytap's recent $35 million Series D fundin...
Mar. 6, 2015 02:30 PM EST Reads: 961
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
Mar. 6, 2015 02:00 PM EST Reads: 1,588
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile ...
Mar. 6, 2015 01:45 PM EST Reads: 3,489
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Mar. 6, 2015 01:45 PM EST Reads: 1,482