Partners REIT Completes Rescission of the Holyrood Transaction and Provides Update on Strategic Review and Property Management & Leasing - Seite 2

Partners is also pleased to announce that it has retained Paul Harrs Real Estate Brokerage to handle the leasing from Ontario to British Columbia. Paul Harrs is an accomplished leasing and operations executive with over 25 years of experience.

There have been no changes in Quebec, as these properties continue to be well managed by Sandalwood Management and Crofton Moore.

These changes to Partners' real estate operations structure will allow senior management to focus on the asset management of the REIT's real estate assets, corporate matters, and value enhancing initiatives.

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 39 retail properties (including the Holyrood properties) and 36 retail properties (excluding the Holyrood properties), located in British Columbia, Alberta, Manitoba, Ontario, and Quebec, aggregating approximately 2.9 million square feet of leasable area (including the Holyrood properties) and 2.5 million square feet of leasable area (excluding the Holyrood properties). 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.

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
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Renmark Financial Communications Inc.
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