TORONTO, Oct. 26, 2015 /CNW/ – McCowan and Associates Ltd. (“McCowan”), a corporation owned and controlled by Ronald McCowan, today announced that it has acquired beneficial ownership of 1,347,148 units (“Units“) of Partners Real Estate Investment Trust (“Partners REIT“).
All of the said 1,347,148 Units were acquired at an issue price of $3.10 per Unit pursuant to the exercise of rights issued to McCowan pursuant to a rights offering (the “Rights Offering“) announced by Partners REIT on August 20, 2015. Prior to the completion of the Rights Offering, McCowan beneficially owned 4,951,787 Units, representing approximately 18.6% of issued and outstanding Units. After the completion of the Rights Offering, McCowan now has beneficial ownership of 6,298,935 Units, representing approximately 18.9% of the issued and outstanding Units.
McCowan acquired the Units for investment purposes. Subject to compliance with applicable securities laws, McCowan may, from time to time, increase or decrease its ownership, control or direction over the Units or other securities of Partners REIT through market transactions, private agreements or otherwise.