Partners Real Estate Investment Trust Announces Closing of Four Previously Announced Acquisitions of Five Properties in Ontar...

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Partners Real Estate Investment Trust ("Partners REIT") (TSX VENTURE:PAR.UN)
announced today the closing of four of five previously announced acquisition of
properties in Ontario from unrelated vendors and one in Alberta aggregating
approximately 392,000 square feet, which are being funded by debt, the
assumption of existing mortgages and the proceeds from the previously announced
NorRock Realty Finance Corporation transaction. The acquired properties include:
Crossing Bridge Square in Stittsville, Ontario; King George Square in Brantford,
Ontario; Manning Crossing in Edmonton, Alberta, St; Clair Beach Towne Centre in
Windsor, Ontario; Thunder Centre in Thunder Bay, Ontario and excludes Grand Bend
Towne Center, Grand Bend, Ontario which is expected to close at a later date.
The aggregate value of these properties is approximately $99 million,
representing an aggregate cap rate of 7.2%. These properties currently generate
Net Operating Income in the aggregate of approximately $7.0 million on an
annualized basis and management expects it will generate approximately $5.1
million in incremental annualized Funds From Operations. 


About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently
owns (directly or indirectly) 27 retail properties located in British Columbia,
Alberta, Ontario, Manitoba and Quebec, aggregating approximately 2.1 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 integration of the acquisitions with our property
portfolio, the receipt of regulatory approval, our expectations regarding
closing the proposed acquisitions, the expected increase in the mortgage, our
expectations regarding an increase in incremental funds as a result of the
acquisitions, our intention to continue to grow and diversify our portfolio,
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.