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Partners REIT putting 11 of its 34 properties up for sale


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Partners REIT putting 11 of its 34 properties up for sale

Partners Real Estate Investment Trust has retained BMO Capital Markets to sell up to 11 of its 34 properties, with the expected proceeds marked for debt reduction and capital investments in its remaining properties.

The properties being offered for sale by the Canadian retail REIT are in British Columbia, Alberta and Manitoba. They represent roughly 30% of the REIT's assets based on book value and 29% of its net operating income in 2017.

The company said its board of trustees has not yet decided how the balance of the proceeds, if any, will be used.

The REIT's board and management believe the sales are in the best interests of the company and its shareholders if appropriate values are achieved.

The company's portfolio comprises retail and mixed-use community and neighborhood shopping centers. The company said in February, when its COO stepped down, that it reduced administrative and property costs after a reorganization of all its divisions and corporate operations.