07/23/2013 02:13 EDT | Updated 09/22/2013 05:12 EDT

Partners REIT to acquire Grande Prairie shopping mall for $16.6 million

VICTORIA - Partners Real Estate Investment Trust (TSX:PAR.UN) has signed an agreement to buy a shopping mall in Grande Prairie, Alta., for $16.6 million.

The trust says the Cobblestone Shopping Mall will add three buildings comprised of nearly 43,000 square feet of leasable space to its portfolio. The mall is currently fully occupied.

It is anchored by Shoppers Drug Mart, TD Canada Trust, Starbucks, Liquor Depot and Aurora Eye Care.

Partners REIT plans to finance the deal with a combination of assumed and new mortgages totalling $11.3 million. The remainder will be paid with cash.

The acquisition is set to close on or before Aug. 19.

In January, Partners REIT signed agreements to buy five retail properties in the Montreal region for $78.5 million.

The trust currently owns directly or indirectly 38 retail properties in British Columbia, Alberta, Manitoba, Ontario and Quebec with an aggregate 2.7 million square feet of leasable space.

Shares of Partners REIT were down six cents at $6.87 in mid-afternoon trading Tuesday on the Toronto Stock Exchange.