TORONTO, Oct. 31, 2018 (GLOBE NEWSWIRE) — Partners Real Estate Investment Trust (“Partners REIT” or the “REIT”) (TSX:PAR.UN) is pleased to announce that the parties to the Class Action against, among others, certain former trustees and a former officer of Partners REIT, have signed minutes of settlement and will seek approval of the settlement by the Ontario Superior Court of Justice and to have the Class Action dismissed. A hearing for court approval of the settlement is scheduled for December 14, 2018.
The Class Action relates to the purchase by the REIT of three properties in April 2014, which purchase was rescinded in October 2014. As previously disclosed by the REIT, the REIT has certain indemnity obligations to its former trustees and former officer named in the Class Action, although the REIT has insurance in place and did not expect the Class Action to be material to its business and affairs.
Subject to the Court’s approval of the settlement, all claims made against the REIT’s former trustees and former officer will be dismissed. The monies to fund the settlement will be primarily funded by available insurance, and it is expected that there will be no material impact to the REIT’s business and affairs.
About Partners REIT
Partners REIT is a real estate investment trust that manages a portfolio of retail and mixed-use community and neighbourhood shopping centres located in both primary and secondary markets across Canada.
Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “will” and similar expressions to the extent they relate to Partners REIT. The forward-looking statements are not historical facts but reflect Partners REIT’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Partners REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guaranteeing of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.
FOR FURTHER INFORMATION PLEASE CONTACT:
Partners REIT Investor Relations
1 (844) 474-9620 ext. 401
Chief Executive Officer
(416) 855-3313 ext. 401