/C O R R E C T I O N From Source -- Partners REIT/

VICTORIA, Dec. 30 /CNW/ -- 
In c8078 sent at 8:36 ET today, the headline, "Partners Real Estate
 Investment Trust Files Final Prospectus", has been revised to read
 "Partners Real Estate Investment Trust Closes Public Offering". Correct
 copy follows:


Partners Real Estate Investment Trust Closes Public Offering


/NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/


VICTORIA, Dec. 30 /CNW/ - Partners Real Estate Investment Trust
 ("Partners REIT" or the "Trust") (TSX-V: PAR.UN) announced that it has
 closed its previously announced offering of 4,680,000 units, at a price
 of $1.60 per unit, for aggregate gross proceeds of $7,488,000. In
 connection with the closing of the offering, the Underwriters (as
 defined below) also exercised their option to purchase up to an
 additional 468,000 units at a price of $1.60 per unit on the same terms
 and conditions as the offering. The aggregate gross proceeds of the
 offering were $8,236,800 and the net proceeds to the Trust (before
 deducting expenses of the offering) were $7,742,592.


TD Securities Inc. and CIBC World Markets Inc. acted as co-lead
 managers, along with a syndicate of co-managers including, National
 Bank Financial Inc., Scotia Capital Inc., Canaccord Genuity Corp.,
 Dundee Securities Corporation and Macquarie Capital Markets Canada Ltd.
 (collectively, the "Underwriters").


The net proceeds of the offering will be used to finance possible future
 property acquisitions and for general trust purposes.


This news release shall not constitute an offer to sell or the
 solicitation of an offer to buy any securities, nor shall there be any
 sale of securities in any jurisdiction in which such offer,
 solicitation or sale would be unlawful prior to registration or
 qualification under the securities laws of such jurisdiction. The
 securities offered have not been and will not be registered under the
 United States Securities Act of 1933, as amended (the "1933 Act"), and
 may not be offered or sold within the United States or to, or for the
 account or benefit of, U.S. persons, except in certain transactions
 exempt from the registration requirements of the 1933 Act.


About Partners REIT
Partners REIT is a growth-oriented real estate investment trust, which
 currently owns (directly or indirectly) ten retail properties,
 well-located in Ontario and Quebec, aggregating approximately 1.1
 million square feet of leaseable space. Partners REIT focuses on
 expanding and managing a portfolio of retail and mixed-use community
 and neighbourhood shopping centres located in both primary and
 secondary markets across Canada.


Forward-looking Statements


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, including the use of proceeds of the offering, access to
 capital, regulatory approvals, intended acquisitions and general
 economic and industry conditions. Although Partners REIT believes that
 the assumptions inherent in the forward-looking statements are
 reasonable, forward-looking statements are not guarantees of future
 performance and, accordingly, readers are cautioned not to place undue
 reliance on such statements due to the inherent uncertainty therein.


Neither the TSX Venture Exchange nor its Regulation Services Provider
 (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the
 adequacy or accuracy of this release. 


To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/December2010/30/c8094.html



pPatrick Miniutti, President and Chief Operating Officer [phone]/p

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