PAR.UN Partners Reit

Partners Real Estate Investment Trust ("Partners REIT" or the "REIT") (TSX
VENTURE:PAR.UN) announced today that it completed the previously announced
acquisition (the "Acquisition") of a portfolio of five properties in Manitoba
and one in Quebec aggregating approximately 104,000 square feet of gross
leaseable area. The properties are fully occupied, primarily by Shoppers Drug
Mart. The purchase price was approximately $31.0 million satisfied by the
assumption of existing mortgages of approximately $17.2 million, with the
balance in cash. The cash portion of the purchase price came from the use of
$9.4 million of the net proceeds from the recently completed $28.75 million
bought-deal offering of extendible convertible unsecured subordinated debentures
(the "Debentures") and the balance from working capital on hand. The properties
currently generate Net Operating Income of approximately $2.3 million on an
annualized basis and are expected to generate incremental funds from operations
of approximately $600,000.


"We are pleased to have completed our first acquisition of 2011, an accretive
transaction that we believe will make a solid contribution to our performance
going forward," commented Adam Gant, Chief Executive Officer. "Looking ahead, we
are focused on continuing to aggressively grow and diversify our portfolio for
the benefit of our unitholders."


As a result of the completion of the Acquisition, the initial maturity date of
the Debentures has been extended from April 30, 2011 to March 31, 2016 in
accordance with the terms of the Debentures.


About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently
owns (directly or indirectly) seventeen retail properties located in Ontario,
Manitoba and Quebec, aggregating approximately 1.3 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" 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 Acquisition with our property
portfolio, our expectations regarding an increase in incremental funds as a
result of the Acquisition, 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.

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