Partners Real Estate Investment Trust closed its deal to be taken private by McCowan and Associates Ltd.

Under a statutory plan of arrangement, McCowan acquired all the outstanding units it did not already own in the Canadian retail REIT for 78 Canadian cents apiece in cash. Each deferred unit of the REIT outstanding immediately before the effective time of the transaction was canceled in exchange for a cash payment of 78 cents apiece, less all applicable deductions.

The REIT said it expects the units to be delisted from the Toronto Stock Exchange.