Date Closed

March 19, 2013

Lead Office

Toronto

Value

23.00 Million CAD

On March 19, 2013, Partners REIT announced that it had closed its previously announced offering (the Offering) of C$20 million aggregate principal amount of 5.5% convertible unsecured subordinated debentures (Debentures) on a bought deal basis to a syndicate of underwriters a syndicate of underwriters (the Underwriters) led by National Bank Financial Inc. and Scotiabank, and including RBC Dominion Securities Inc., CIBC World Markets Inc., Canaccord Genuity Corp., TD Securities Inc., Macquarie Capital Markets Canada Ltd., Raymond James Ltd. and M Partners Inc.

On March 19, 2013, Partners REIT announced the exercise in full and closing of the over-allotment option relating to the Offering and the issuance of an additional C$3 million for a total issuance of C$23,000,000 aggregate principal amount of Debentures

The Debentures have a maturity date of March 31, 2018. The Debentures have a coupon of 5.50% per annum and will pay interest semi-annually in arrears on March 31 and September 30 in each year commencing on September 30, 2013. Each C$1,000 principal amount of Debenture is convertible into approximately 97.561 units of the REIT, at any time, at the option of the holder, representing a conversion price of C$C0.25 per unit.

Partners REIT, headquartered in Victoria, British Columbia, is a growth-oriented real estate investment trust.

McCarthy Tétrault LLP represented Partners REIT, with a team led by David Tennant.