McCowan and Associates Ltd. Press Release

TORONTO, ONTARIO--(Marketwired - July 21, 2017) - McCowan and Associates Ltd. ("McCowan"), a corporation owned and controlled by Ronald McCowan, today announced that it has acquired beneficial ownership of 2,436,569 units ("Units") of Partners Real Estate Investment Trust ("Partners REIT"), representing approximately 5.3% of the issued and outstanding Units.

All of the said 2,436,569 Units were acquired at a subscription price of $3.10 per Unit (total subscription proceeds of $7,553,363.90) pursuant to the exercise of rights issued to McCowan pursuant to a rights offering (the "Rights Offering") of Partners REIT that closed on July 19, 2017. Prior to the completion of the Rights Offering, McCowan beneficially owned 6,793,135 Units, representing approximately 19.8% of the outstanding Units. After the completion of the Rights Offering, McCowan now has beneficial ownership of 9,229,704 Units, representing approximately 20.2% of the issued and outstanding Units.

McCowan acquired the 2,436,569 Units for investment purposes. Subject to compliance with applicable securities laws, McCowan may, from time to time, increase or decrease its ownership, control or direction over the Units or other securities of Partners REIT through market transactions, private agreements or otherwise, and may, from time to time, have discussions with other unitholders of Partners REIT and its board of trustees regarding Partners REIT, its prospects and potential means for enhancing unitholder value and corporate governance or initiate or participate in such other actions as it considers necessary to enhance unitholder value or corporate governance at Partners REIT.

For further information or a copy of the report filed under National Instrument 62-103, please contact: Ronald McCowan, Chief Executive Officer, McCowan and Associates Ltd., 158 Dunlop Street East, Unit #201, Barrie, Ontario L4M 1B1, Tel: (705) 737-1057 ext. 106. McCowan and Associates Ltd. is an Ontario corporation engaged in the business of real estate investment, management and development. The head office of Partners REIT is located at 36 Toronto Street, Suite 1160, Toronto, Ontario, M5C 2C5.