Parent Capital Corp V.PAR.H

Media Coverage

[stockeditor]

FP says Partners REIT arranges rights offering at $3.10 2015-08-27 09:09 ET - In the News The Financial Post reports in its Thursday edition the capital markets are set to welcome back one of the market's smaller real estate investment trusts, Partners REIT. The Post's Barry Critchley, writing in Off the Record, says Partners, which last raised capital in the public markets in 2013, is returning with a rights offering for $20.4-million. The proceeds will be used to reduce debt and provide some of the financing to repay an upcoming issue of convertible debentures. The rights subscription price of $3.10 was set at a discount to the recent trading price of $3.36. The units closed Wednesday at $3.09. Growth-oriented Partners owns and manages 36 properties across Canada. It has been frozen out of the public markets because of the impact of a deal it did in early 2014. Known as the Holyrood transaction, the REIT spent $83-million to acquire three properties in Ontario. Partners financed the deal by issuing units and assuming existing mortgages. Shortly after the acquisition closed, the company became aware that interim chief executive officer Ron McCowan had a too-close business relationship with Laura Philp, Holyrood's owner, and the parties then set to work on getting the transaction unwound.