Partners Real Estate Investment Trust announced that it had entered into agreements with separate vendors to acquire four newly-constructed, necessity-based, open-air retail centres and one stabilized retail centre in the Greater Montreal region totaling approximately 286,500 square feet of gross leasable area. The Properties have an overall economic occupancy of 93.3% with nearly 50% of the floor space and income generated by national and regional tenants on long-term leases. The tenant roster of the Properties includes three grocery stores, two drug stores, two SAQ stores and three Tim Hortons stores, all on long-term leases.

The REIT will pay approximately $78.5 million for the five properties, satisfied by $48.4 million in new mortgages incurring a weighted average interest rate of approximately 3.7%, with the balance in cash from the REIT's recently completed bought deal equity offering and its credit facility. The five properties are estimated to generate annualized Net Operating Income of approximately $4.85 million and $2.70 million in annualized Funds from Operations. These transactions are expected to close in the month of February, 2013.