Partners REIT Announces Appointment of new Trustee

 

TORONTO, ONTARIO( August 12, 2010) - Partners Real Estate Investment Trust (“Partners REIT”) (TSX-V: CRH.UN) announces the appointment of Adam Gant as a trustee of Partners REIT. Mr. Gant and Patrick Miniutti will serve as trustees appointed by the manager of Partners REIT. The other trustees of Partners REIT, all of whom are independent, are Janet Graham, John van Haastrecht, Louis Maroun and Saul Shulman.

Mr. Gant is the President of LAPP Global Asset Management Inc. which is the Manager of Partners REIT as well as IGW Public LP which holds a 49.9% interest in the Partners REIT.

A total of 25,677,075 units of Partners REIT are now issued and outstanding.

Mr. Gant co‐founded League Assets Corp, which is an affiliate of LAPP Global Asset Management and IGW Public LP and was instrumental in the founding of IGW Real Estate Investment Trust and IGW REIT Limited Partnership. Mr. Gant has also been a founder and promoter of nineteen other limited partnerships and has overseen the acquisition or development of properties in Canada, having an aggregate market value in excess of $530,000,000, consisting of light industrial, multi‐unit residential, office and shopping centres.

About Partners REIT

Partners Real Estate Investment Trust is an open-end real estate investment trust established under the laws of the Province of Ontario. Partners REIT is focused on acquiring and managing a portfolio of retail and mixed-use retail community and neighbourhood centres, generally in the mid-market deal size range of $10 to $40 million, from both primary and secondary markets throughout Canada. Partners REIT currently owns 10 retail properties located in Ontario and Quebec.

More information

Patrick Miniutti, Chief Executive Officer
Telephone: (416) 364-5705, Facsimile: (416) 861-8166

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except in certain transactions exempt from the registration requirements of the 1933 Act.

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 closing of the rights offering and the standby commitment contemplated by the short form prospectus. 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 Real Estate Investment Trust The Exchange Tower 130 King Street West Suite 2810, P.O. Box 104 Toronto, Ontario M5X 1A4