Retail-focused Partners Real Estate Investment Trust said it has commenced a review of strategic alternatives, including a sale of the REIT itself.
The company will also consider a business combination with another party, as well as other options that may be available and considered by its board to be in the best interests of the REIT and its unitholders.
The REIT's board retained BMO Capital Markets as adviser for the strategic review. The REIT added that it has neither set a timetable for the process nor has it made any decisions related to any strategic alternatives at this time.
The REIT also said it has cut down its workforce to reflect the smaller size of its property portfolio and decrease its annual operating expenses.