Partners REIT To Welcome Wal-Mart to Quebec Property

Partners Real Estate Investment Trust ("Partners REIT") (TSX VENTURE:PAR.UN)
announced today that it has entered into an agreement with Wal-Mart Canada
Corp., effective September 23, 2011, for the transfer and assignment of the
lease of the space currently occupied by Zellers Inc. at the REIT's
recently-acquired Place Desormeaux shopping center located in Longueuil, Quebec.
Under the agreement, Zellers has entered into a sublease agreement with Wal-Mart
Canada to expire on or before March 31, 2013 in order to wind down and close the
Zellers' business at the location. Once Zellers vacates the premises, the
approximately 81,000 square feet store at the center will be converted to a
Walmart store. The current term of the lease expires in May 2016; however,
Wal-Mart Canada has options to renew the lease for up to nine successive option
periods, each for a five-year term. The provisions of the amended lease include
various modifications of the prior lease with Zellers.


"The addition of Wal-Mart to Place Desormeaux significantly strengthens the
center's presence and retail offering. We look forward to a long and mutually
rewarding relationship with one of North America's leading retailers," commented
Adam Gant, Chief Executive Officer.


About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently
owns (directly or indirectly) 20 retail properties located in British Columbia,
Ontario, Manitoba and Quebec, aggregating approximately 1.6 million square feet
of leasable 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", "offers the opportunity" 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 our expectations that the Zellers store at
Place Desormeaux will be converted to a Walmart store, our intention to continue
to grow and diversify our portfolio through intended acquisitions, access to
capital, regulatory approvals 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.