PAR.UN Partners Reit

Partners Real Estate Investment Trust ("Partners REIT") (TSX VENTURE:PAR.UN)
announced today that it would be acquiring the Evergreen Shopping Centre, a five
building 88,200 square foot open-air shopping centre located in Sooke, British
Columbia, approximately 37 kilometers west of Victoria. Anchored by a Western
Foods grocery store, a newly-constructed Shoppers Drug Mart, a BC Liquor outlet
and a Royal Bank branch, the property is currently 96.2% occupied. The property
currently generates Net Operating Income of approximately $1.2 million on an
annualized basis and management expects it will generate approximately $400,000
in incremental annualized Funds From Operations. 


The purchase price of the property is approximately $15.8 million, subject to
final adjustments and acquisition costs. The aggregate outlay of funds will be
covered by the placement of a $10.5 million mortgage bearing interest at a rate
slightly below 4%. The balance of the purchase price will be in cash from a
recently funded new secondary loan bearing interest at 7% and the REIT's lines
of credit. The closing of the transaction is expected on or before August 31,
2011.


Sooke is an attractive, high-end residential community and tourist centre within
easy commuting distance of Victoria. The town has been growing over the last
decade and has a number of new residential developments underway. The Evergreen
Shopping Centre is the largest and strongest retail centre in the community
providing necessity-based products and services to its residents. 


"We are pleased to be extending our presence in the British Columbia market with
this acquisition," commented Adam Gant, Chief Executive Officer. "The purchase
is consistent with our stated strategy to strengthen, expand and further
diversify our portfolio by acquiring well-positioned community and neighbourhood
properties in growth markets with consistent strong cash flows derived from
tenants that provide necessity-based products and services." 


About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently
owns (directly or indirectly) 18 retail properties located in British Columbia,
Manitoba, Ontario and Quebec, aggregating approximately 1.3 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
"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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