BARRIE, ONTARIO--(Marketwired - Jan 14, 2016) - 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.
Disclaimer
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.
