Partners Real Estate Investment Trust Announces Closing of Previously Announced Plaza Des Seigneurs Acquisition

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Partners Real Estate Investment Trust ("Partners REIT") (TSX VENTURE:PAR.UN)
announced today the closing of its previously announced acquisition of Plaza des
Seigneurs, an existing 20,833 square foot open-air centre anchored by
necessity-based tenants, including a SAQ liquor store, Banque Nationale and a
recently-renewed Uniprix drug store located in Terrebonne, Quebec (about 30
minutes north of Montreal). The property currently generates Net Operating
Income of approximately $300,000 on an annualized basis and management expects
it will generate over $200,000 in incremental annualized Funds From Operations.
Partners REIT has paid approximately $4.05 million for the property with $2.25
million funded through a new five-year mortgage that bears interest at 3.5% and
the balance payable in cash.


About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently
owns (directly or indirectly) 22 retail properties located in British Columbia,
Ontario, Manitoba and Quebec, aggregating approximately 1.7 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, 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.


The forward-looking statements contained in this press release reflect our
current views with respect to future events and are also subject to certain
other risks and uncertainties and other risks detailed from time-to-time in
Partners REIT's ongoing filings with the securities regulatory authorities,
which filings can be found at www.sedar.com. Actual results, events, and
performance may differ materially from those contemplated in Partners REIT's
forward-looking statements. Readers are cautioned not to place undue reliance on
these forward-looking statements. Partners REIT does not undertake any
obligation to publicly update or revise any forward-looking statements either as
a result of new information, future events or otherwise, except as required by
applicable securities laws.