Partners REIT greenshoe exercise lifts convertibles to $28.75 million

By Melissa Kory

Cleveland, March 14 -Partners Real Estate Investment Trust said that the underwriters of its offering of 8% extendible convertible subordinated debentures exercised in full their $3.75 million over-allotment option, lifting the issuance to $28.75 million.

The over-allotment option is expected to close on March 15.

The offering was co-led by TD Securities Inc. and CIBC as well as Dundee Securities Ltd., Macquarie Capital Markets Canada Ltd., Scotia Capital Inc., National Bank Financial Inc., Canaccord Genuity Corp., Raymond James Ltd. and Brookfield Financial Corp.

Part of the proceeds was used to repay an $8.6 million secured loan. The balance of the proceeds will be used to purchase six properties, for future acquisitions and for general trust working capital purposes.

The debentures have an initial maturity date of April 30, 2011, which will automatically be extended to March 31, 2016 upon the closing of the purchase of the six properties.

Partners REIT is a Victoria, B.C., real estate investment trust.

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