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Partners Real Estate Investment Trust Update

/EIN News/ -- BARRIE, Ontario, April 17, 2019 (GLOBE NEWSWIRE) -- Partners Real Estate Investment Trust (“Partners REIT”) (TSX: PAR.UN) announced today that the Chief Executive Officer of Partners REIT, Jane Domenico, has resigned, effective immediately, as an officer and trustee of Partners REIT to pursue other opportunities. 

“We wish to thank Jane for her service over the past several years.  With the sale last year of our Western Canadian properties, and the pending sale of our Quebec properties, now is the logical time for Jane to move onto other challenges, and we wish her well in her future endeavours,” stated C. Ian Ross, chair of the Board of Trustees (the “Board”) of Partners REIT.

The Board has appointed C. Ian Ross as interim chief executive officer of Partners REIT.  In that role, Mr. Ross’ responsibilities will include oversight of the day-to-day operations of Partners REIT and the completion of the previously announced sale of Partners REIT’s Québec properties.  The Board does not expect these matters to impact the completion of the Québec sale transaction.  Mr. Ross will continue to serve as the chair of the Board. 

About Partners REIT

Partners REIT is a real estate investment trust, which currently owns (directly or indirectly) 23 retail properties, located in Manitoba, Ontario, and Québec, aggregating approximately 1.7 million square feet of leasable space. Partners REIT focuses on managing a portfolio of retail and mixed-use community and neighbourhood shopping centres located in both primary and secondary markets located mainly in Ontario and Québec Canada.


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 the inability of the REIT to complete the Québec Sale Transaction, including as a result of failure to receive all required approvals and the ability of the parties to satisfy, in a timely manner, the conditions to the closing of the Québec Sale Transaction.  The anticipated closing date provided may change for a number of reasons, including the inability to secure necessary third party approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Québec Sale Transaction. 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.


C. Ian Ross
Chairman of the Board and Interim Chief Executive Officer
Partners Real Estate Investment Trust
Tel: 1 (844) 474-9620 ext. 401