Partners Real Estate Investment Trust Announces Exercise of Over-Allotment Option in Connection with its Public Offering of Unit

VICTORIA, BC, Dec. 29 /CNW/ -- 
/NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN
 THE UNITED STATES/


VICTORIA, BC, Dec. 29 /CNW/ - Partners Real Estate Investment Trust
 ("Partners REIT" or the "Trust") (TSX-V: PAR.UN) announced that it has
 received a notice of exercise from the Underwriters (as defined below),
 exercising the over-allotment option (the "Over-Allotment Option")
 granted to the Underwriters in connection with its previously announced
 offering of units. The offering is for 4,680,000 units, at a price of
 $1.60 per unit, for aggregate gross proceeds of $7,488,000. The
 Over-Allotment Option is for an additional 468,000 units and in
 connection with the closing of the offering and the exercise of the
 Over-Allotment Option, the aggregate gross proceeds of the offering
 will be $8,236,800 and the estimated net proceeds to the Trust (before
 deducting expenses of the offering) will be $7,742,592. Partners REIT
 expects that the offering and the Over-Allotment Option will close on
 or about December 30, 2010.


TD Securities Inc. and CIBC World Markets Inc. are acting 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 and the exercise of the Over-Allotment
 Option 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 timing of the closing, the closing of the
 offering and the Over-Allotment Option, 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.


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. 


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

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