The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Partners Real Estate Investment Trust Completes Cobblestone Acquisition

Wednesday, August 21, 2013

Partners Real Estate Investment Trust Completes Cobblestone Acquisition

11:27 EDT Wednesday, August 21, 2013

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 21, 2013) - Partners Real Estate Investment Trust (the "REIT," or "Partners") (TSX:PAR.UN) announced today that it had completed its previously announced acquisition of the Cobblestone Shopping Centre ("Cobblestone,") a 100% economically occupied shopping centre in Grande Prairie, Alberta.

Cobblestone, which was built in 2007 and 2008, is composed of three buildings that in aggregate comprise 42,980 square feet of leasable space. 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 generated by national or regional tenants. There is very little near-term rollover with only 2 tenants occupying 12.8% of the space expiring before 2016.

The REIT's purchase price for Cobblestone for approximately $16.6 million, satisfied primarily through a combination of assumed and new mortgages totalling $11.3 million. These mortgages mature in January 2018 and bearing a combined effective interest rate of 4.03%. The balance of the purchase price was satisfied with cash. Cobblestone 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 REIT's overall capital structure.

"The acquisition of Cobblestone is a very accretive transaction which reflects Partners' strategy of acquiring high-quality, necessity-based and stable properties in strong markets," stated Edward Boomer, the REIT's President and Chief Investment Officer. "We look forward to completing further accretive acquisitions over the balance of 2013."

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 39 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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Partners Real Estate Investment Trust
Ed Boomer
President & Chief Investment Officer
(416) 209-0059
www.partnersreit.com

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections