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Partners Real Estate Investment Trust Responds to Orange Capital

BARRIE, ONTARIO -- (Marketwired) -- 05/02/14 -- The Board of Trustees of Partners Real Estate Investment Trust (TSX: PAR.UN) ("Partners REIT" or the "REIT") said today it is considering the matters raised by Orange Capital in a press release issued yesterday and will respond in due course. All members of the Board of Trustees are independent of management.

Partners REIT also announced that Lindsay Adam Weiss resigned from the Board of Trustees on April 30, 2014. Mr. Weiss joined the Board on April 3, 2014, following the termination of a previously announced purchase and sale agreement between Partners REIT and Holyrood Holdings Ltd. ("Holyrood") and the approval of an agreement to enter into a new purchase and sale agreement with Holyrood in respect of three of the four previously announced Ontario properties.

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 42 retail properties, well-located in British Columbia, Alberta, Manitoba, Ontario, and Quebec, aggregating approximately 3.2 million square feet of leasable space. Partners REIT focuses on expanding and managing a portfolio of retail and mixed-use community and neighborhood shopping centres located in both primary and secondary markets across Canada.

Disclaimer

Certain statements included in this press release constitute forward-looking statements. 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. 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.

Contacts:
Partners Real Estate Investment Trust
Derrick W. West
Chief Financial Officer
(705) 725-6020, ext. 121
www.partnersreit.com

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