The loan has a term of one year, with interest payable at the greater of 10% per annum or prime rate of interest, from time to time, plus 6% per annum. The loan will be secured by certain properties of the REIT located in
Closing of the financing is subject to customary financial and non-financial conditions and completion of formal documentation.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 42 retail properties, well-located in
Certain statements included in this press release constitute forward-looking statements. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Partners Real Estate Investment Trust Derrick W. WestChief Financial Officer (705) 725-6020, ext. 121 www.partnersreit.com Source: Partners Real Estate Investment Trust