TORONTO, ONTARIO--(Marketwired - March 6, 2017) - Partners Real Estate Investment Trust (the "REIT," or "Partners") (TSX:PAR.UN) is pleased to announce that that the REIT is proceeding with the development of two new pad sites in its portfolio.
Mariner Square is a 9 year old 100,000 square foot retail property in Campbell River BC anchored by Save-On Foods (Overwaitea Food Group), BC Liquor and London Drugs, along with a freestanding Starbucks. The REIT will be proceeding with the development of a vacant pad site for a 6,126 square foot building which has been 100% pre-leased to two tenants:
Place Desormeaux is a 250,000 square foot enclosed shopping centre in the community of Longueuil QC anchored by Walmart and Super C (Metro) grocery store. The REIT was the successful bidder in an RFP process to build a new 4,055 square foot location for the Société des alcools du Québec (SAQ). The SAQ is the first stage of the eventual re-development of Place Desormeaux.
The developments at both Mariner Square and Place Desormeaux will open to the public in the fourth quarter of 2017. The investment in both properties total $3 million and will be accretive to the REIT.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust focused on the expansion and management of a portfolio of 35 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, including access to capital, regulatory approvals, intended acquisitions and general economic and industry conditions. 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.