BARRIE, ONTARIO -- (Marketwired) -- 01/14/16 -- Partners Real Estate Investment Trust ("Partners" or the "REIT") (TSX: PAR.UN) is pleased to announce that it has entered into an agreement to extend the mortgage at the REIT's Cornwall Square Property in Cornwall, Ontario.
The $17.6 million mortgage has a one-year term and carries an interest rate equal to the Lender's prime rate plus 2.3%. This rate is subject to fluctuation, but currently amounts to 5.0%, which is its minimum level. The mortgage replaces a maturing $22.6 million mortgage at the property, with the difference funded via a combination of cash on hand and the REIT's existing credit facility.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust focused on the expansion and management of a portfolio of 36 retail and mixed-use community and neighbourhood shopping centres. These properties are located in both primary and secondary markets across British Columbia, Alberta, Manitoba, Ontario, and Quebec, and comprise a total of approximately 2.5 million square feet of leasable space.
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
Chief Executive Officer
(705) 725-6020 ext. 151