Partners REIT Announces Filing of a Preliminary Prospectus

NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES


Partners Real Estate Investment Trust ("Partners REIT" or the "Trust") (TSX
VENTURE:PAR.UN) announced that it has filed a preliminary prospectus with the
securities regulatory authorities in each of the provinces and territories of
Canada other than Quebec in connection with a proposed offering of units, with
the terms of the offering to be determined in the context of the market. TD
Securities Inc. and CIBC, are acting as co-lead managers for the proposed
offering 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.


The net proceeds of the offering will be used to fund a portion of the purchase
price of the Trust's previously announced acquisition of Wellington Southdale
Plaza in London, Ontario, and to repay certain secured debt of the Trust. Any
remaining funds will be used to finance possible future property acquisitions
and for general trust purposes.


The underwriters will be granted an option to purchase additional units sold to
cover over-allotments, if any.


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. 


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 timing of the offering, success of the offering, listing
of the units, 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.