PAR.UN Partners Reit

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS.


Partners Real Estate Investment Trust (the "REIT" or "Partners REIT") (TSX
VENTURE:PAR.UN)(TSX VENTURE:PAR.DB) is pleased to announce the closing of the
over-allotment option (the "Over-Allotment Option") relating to its previously
announced offering (the "Offering") of 10,753,000 units ("Units") (on a
pre-consolidation basis) at a price of $1.86 per Unit (on a pre-consolidation
basis) of the REIT representing gross proceeds of approximately $20 million. In
connection with closing of the Over-Allotment Option, the REIT issued an
additional 360,812 Units on a 1:4 post-consolidation basis (1,443,248 Units on a
pre-consolidation basis) at a price of $7.44 per Unit on a post-consolidation
basis ($1.86 per Unit on a pre-consolidation basis), for gross proceeds of
approximately $2.684 million. Total gross proceeds to the REIT from the Offering
and the Over-Allotment Option are approximately $22.684 million.


The net proceeds to the REIT for the Over-Allotment Option, after deducting the
Underwriters' fee of $120,800 but before deducting the expenses of the
Over-Allotment Option, are approximately $2.564 million. 


The net proceeds from the Offering were used by the REIT to pay out a loan
facility entered into in connection with certain property purchases and to pay
down a portion of the REIT's acquisition facility advanced in respect of a
property purchase completed in 2011. 


The underwriting syndicate for the Offering was co-led by National Bank
Financial Inc. and Canaccord Genuity Corp., and including Scotia Capital Inc.,
CIBC World Markets Inc., TD Securities Inc., Desjardins Securities Inc.,
Macquarie Capital Markets Canada Ltd., Raymond James Ltd. and GMP Securities
L.P.


This press release shall not constitute an offer to sell, or the solicitation of
an offer to buy, any securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities being offered have not
been and will not be registered under the U.S. Securities Act of 1933 as amended
and may not be offered or sold in the United States absent registration or
pursuant to applicable exemption from registration.


About Partners REIT 

Partners REIT is a growth-oriented real estate investment trust, which currently
owns (directly or indirectly) twenty-eight retail properties located in British
Columbia, Alberta, Manitoba, Ontario and Quebec, aggregating approximately 2.1
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
"believe", "expect," "will", "offers the opportunity", "intend, "look forward"
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 completion of the Over-Allotment Option, access to capital,
regulatory approvals, our intention to grow and diversify our portfolio,
intended acquisitions, our status as a "real estate investment trust" 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. 


The forward-looking statements contained in this press release reflect our
current views with respect to future events and are also subject to certain
other risks and uncertainties and other risks detailed from time-to-time in
Partners REIT's ongoing filings with the securities regulatory authorities,
which filings can be found at www.sedar.com. Actual results, events, and
performance may differ materially from those contemplated in Partners REIT's
forward-looking statements. Readers are cautioned not to place undue reliance on
these forward-looking statements. Partners REIT does not undertake any
obligation to publicly update or revise any forward-looking statements either as
a result of new information, future events or otherwise, except as required by
applicable securities laws.

Grafico Azioni Partners Reit (TSXV:PAR.UN)
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