Partners REIT Announces Senior Management Changes and Adoption of "Advance Notice" Provisions

VICTORIA, BRITISH COLUMBIA--(Marketwired - April 8, 2013) - The Board of Trustees of Partners Real Estate Investment Trust (the "REIT" or "Partners REIT") (TSX:PAR.UN) announced today that Mr. Adam Gant has been appointed to the position of Vice-Chair of the REIT. As Vice-Chair Mr. Gant is responsible for advising the Board of Trustees on matters concerning the capital markets in general, and Unitholder relations specifically. Mr. Patrick Miniutti, currently the REIT's President, will assume the position of Chief Executive Officer of the REIT formerly held by Mr. Gant.

"The Board of Trustees is very pleased to appoint Patrick Miniutti as CEO," commented Adam Gant, Vice Chair. "Patrick has been instrumental in the REIT's growth and we are confident he will continue to provide the leadership and expertise to maintain our track record of enhancing Unitholder value in the years to come."

The Board of Trustees also approved changes to the REIT's Declaration of Trust to add provisions setting out procedures that must be followed should anyone wish to nominate individuals for election as a Trustee of the REIT. These provisions mirror the "advance notice" by-laws currently being adopted by many reporting issuers. The revised form of the Declaration of Trust will be filed on www.sedar.com.

About Partners REIT
Partners REIT is a growth-oriented real estate investment trust which currently owns (directly or indirectly) 38 retail properties well-located in in Ontario, Quebec, Manitoba, Alberta and British Columbia aggregating approximately 2.7 million square feet of leasable 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. For more information, please visit www.partnersreit.com.

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 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.