Partners Real Estate Investment Trust (Partners REIT) announced today that it has agreed to sell nine of its 10 properties in Western Canada. The remaining property in Manitoba will continue to be marketed for sale. The sale is still subject to a number of closing conditions but is expected to close on Oct. 22, 2018.
The sale of the properties from Partners REIT western portfolio — including the sale of its largest property in the West, Mariner Square in Campbell River, B.C. — is expected to result in net cash proceeds of approximately $50 million after the payment of related mortgages and transaction expenses.
Following the sale of its properties in its Western portfolio, the REIT will hold 24 retail properties in Ontario and Quebec (1.9 million square feet of leasable space). It has now retained BMO Capital Markets to broker the possible sale of some or all of its 11-property Quebec portfolio, which is valued at approximately $190 million.