Partners REIT Announces Refinancing of Three Properties

BARRIE, ONTARIO--(Marketwired - Feb. 17, 2015) - Partners Real Estate Investment Trust ("Partners" or the "REIT") (TSX: PAR.UN) is pleased to announce the refinancing of three of the REIT's properties.

The three properties are located in Selkirk, Steinbach, and Winnipeg, Manitoba. Each of the properties is a free standing location anchored by a Shoppers Drug Mart.

These refinancings will increase the amount of capital available for funding improvements across the REIT's property portfolio, in addition to addressing a maturing mortgage at one of the properties. The refinancings will consist of first mortgages that will amount to an aggregate of $5.6 million, and will provide the REIT with $4.1 million in additional liquidity to fund previously identified capital investments with high expected returns on investment.

These first mortgages carry an average weighted interest rate of 2.88% and an average term to maturity of 5.5 years. These financings were all originated by CMLS Financial Ltd.

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust focused on the expansion and management of a portfolio of 36 retail and mixed-use community and neighbourhood shopping centres. These properties are located in both primary and secondary markets across British Columbia, Alberta, Manitoba, Ontario, and Quebec, and comprise a total of approximately 2.5 million square feet of leasable space.

Disclaimer

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. 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.

Partners REIT Investor Relations
1 [phone] ext. 401
[e-mail]

Renmark Financial Communications Inc.
Barry Mire [phone] or [phone]
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Robert Thaemlitz [phone] or [phone]
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www.renmarkfinancial.com