|By Marketwired .||
|September 1, 2014 04:17 PM EDT||
BARRIE, ONTARIO -- (Marketwired) -- 09/01/14 -- Partners Real Estate Investment Trust ("Partners REIT" or "Partners" or "REIT") (TSX:PAR.UN) is pleased to provide an update on both the unwinding of its purchase of three retail centres from Holyrood Holdings ("Holyrood") and its sale of a small portfolio of Ontario properties. These items were discussed in detail within a press release entitled "Partners REIT Announces Strategic Steps to Improve Financial Position," disseminated on August 14, 2014.
HOLYROOD TRANSACTION UPDATE
Partners REIT has previously announced that it entered into a Rescission Agreement dated June 6, 2014 with Holyrood providing for the rescission of the April 2014 transaction in which the REIT acquired three Ontario retail centres (in Hamilton, London and Kemptville) from Holyrood for an aggregate purchase price of $83.2 million. Partners satisfied the purchase price for the three properties by assuming mortgage debt and directing its subsidiary, Partners Ontario Limited Partnership, to issue 4,813,517 exchangeable LP Units to Holyrood. Concurrently, Holyrood subscribed for 1,188,188 units of Partners REIT at $5.80 per unit and issued a promissory note to the REIT in payment. The purpose of the proposed rescission is to reverse all these transactions and put the parties, to the extent possible, back into the position they were in prior to the Holyrood transaction.
The REIT and Holyrood have now commenced an application to the Ontario Superior Court for an Order rescinding the original Agreement of Purchase and Sale together with the related agreements. The REIT has been advised by Holyrood that it is in the process of arranging for the release of the units of Partners Ontario LP and Partners REIT that it had pledged as collateral for a loan following the Holyrood transaction in April 2014. This release of the pledged units will allow the units to be cancelled upon the completion of the rescission. There are a number of conditions that must be satisfied before the rescission can be completed, including obtaining the Order from the Ontario Superior Court. Although Partners REIT and Holyrood are both very confident that they have the appropriate grounds to apply for the Court Order, there is no assurance that the rescission will be completed until all of the conditions are satisfied and the appropriate Court Order is received.
Although the Rescission Agreement provides that it will terminate on August 31, 2014 if the Court Order has not been obtained by that date, both Partners REIT and Holyrood have agreed to amend that provision and to continue to use their reasonable commercial efforts to accomplish the rescission.
Upon completion, the rescission will require the REIT to reissue its June 30, 2014 financial statements. These statements will be consistent with Note 3 of the previously issued June 30, 2014 statements published on August 14, 2014.
SALE OF ONTARIO PROPERTIES STATUS UPDATE
On August 14, 2014, Partners announced that it had entered into a conditional purchase and sale agreement with an unrelated third party ("Purchaser"). Partners and the undisclosed Purchaser have moved forward on satisfying a number of the conditions associated with the agreement but as of this date the transaction remains conditional.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 42 retail properties (including the Holyrood properties), located in British Columbia, Alberta, Manitoba, Ontario, and Quebec, aggregating approximately 3.2 million square feet of leasable space. Partners REIT focuses on expanding and managing a portfolio of retail and mixed-use community and neighbourhood shopping centres located in both primary and secondary markets across 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. 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.
Partners REIT Investor Relations
1 (844) 474-9620 ext. 401
Renmark Financial Communications Inc.
Barry Mire (514) 939-3989 or (416) 644-2020
Renmark Financial Communications Inc.
Robert Thaemlitz (514) 939-3989 or (416) 644-2020
Media: Longview Communications
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
Apr. 26, 2017 05:45 PM EDT Reads: 2,406
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Apr. 26, 2017 05:45 PM EDT Reads: 665
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
Apr. 26, 2017 05:45 PM EDT Reads: 2,251
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
Apr. 26, 2017 05:30 PM EDT Reads: 2,139
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...
Apr. 26, 2017 05:15 PM EDT Reads: 2,765
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Apr. 26, 2017 05:00 PM EDT Reads: 903
Back in February of 2017, Andrew Clay Schafer of Pivotal tweeted the following: “seriously tho, the whole software industry is stuck on deployment when we desperately need architecture and telemetry.” Intrigue in a 140 characters. For me, I hear Andrew saying, “we’re jumping to step 5 before we’ve successfully completed steps 1-4.”
Apr. 26, 2017 04:30 PM EDT Reads: 1,756
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Apr. 26, 2017 04:15 PM EDT Reads: 546
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Apr. 26, 2017 03:15 PM EDT Reads: 1,419
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Apr. 26, 2017 03:00 PM EDT Reads: 1,163
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing be...
Apr. 26, 2017 02:45 PM EDT Reads: 447
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Apr. 26, 2017 02:30 PM EDT Reads: 1,443
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Apr. 26, 2017 02:30 PM EDT Reads: 401
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Apr. 26, 2017 01:45 PM EDT Reads: 898
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Apr. 26, 2017 01:45 PM EDT Reads: 2,371