Partners Real Estate Investment Trust Announces Change of Time to Receive Proxies

 

(December 14, 2011) - Partners Real Estate Investment Trust (“Partners REIT”) (TSXV: PAR.UN) notes that the special meeting of unitholders of Partners REIT to consider, among other things, a proposed transaction with NorRock Realty Finance Corporation (“NorRock”) is scheduled to take place on December 15, 2011 at 11:00 a.m. Eastern time. The trustees of Partners REIT have determined to accept proxies up until the time of the special meeting.

Details of both the NorRock special meeting and the Partners REIT special meeting and the matters being considered are set out in a joint management proxy circular (the “Circular”) dated November 16, 2011 that has been mailed to all unitholders of Partners REIT and shareholders of NorRock. A copy of the Circular is available electronically at www.sedar.com.

For further information:

Partners REIT:
Patrick Miniutti, President and Chief Operating Officer (250) 940-5500

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 and NorRock. 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 unitholder approval of the proposed transaction and the proposed consolidation of Partners REIT’s units; our ability to obtain court, regulatory, securityholder and other approvals in connection with the proposed transaction with NorRock; the fulfillment of conditions precedent to closing the transaction and the successful completion of the transaction with NorRock; our expectations regarding an increase in funds available to Partners REIT as a result of the acquisition of the assets of NorRock, our expectations regarding the retention or sale of the mortgages and other assets acquired by Partners REIT in connection with the transaction with NorRock; Partners REIT’s status as a “real estate investment trust” and the application of the SIFT Rules (as that term is defined in the Circular); Partners REIT’s intention to continue to grow and diversify its portfolio; intended acquisitions; and general economic and industry conditions. Although Partners REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forwardlooking 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.

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