Partners REIT property. (Photo: Partners REIT)Partners REIT property. (Photo: Partners REIT)

Toronto Stock Exchange-listed Partners REIT has agreed to sell 9 of the remaining 10 properties in its Western Canada portfolio.

The sale, including Mariner Square that was divested on September 6, 2018, is expected to result in net cash proceeds of approximately CAD50 million (USD38 million) for the REIT.

With the impending disposal, Partners REIT has one remaining property in Western Canada, which will continue to be marketed for sale.

Partners REIT's Board of Trustees has decided to distribute a special cash distribution to all of the unitholders from a portion of the proceeds.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.