Refinancing of Hamilton City Centre by Holyrood Holdings

TORONTO, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Holyrood Holdings Ltd. has advised Partners Real Estate Investment Trust (the "REIT," or "Partners") (TSX:PAR.UN) that Holyrood has refinanced the Hamilton City Centre with a different financial institution.  The REIT had provided a guarantee of certain mortgage debt related to this property in connection with the closing of the property rescission agreement in October of 2014 between the REIT and Holyrood.  Partners has also been advised that the mortgage loan on which it had provided the guarantee has now been repaid in full.  The REIT has had no financial or other interest in the Hamilton City Center since the rescission in 2014 and has provided no commitments in connection with the refinancing of the Hamilton City Centre by Holyrood Holdings.

About Partners REIT
Partners REIT is a real estate investment trust focused on the management of a portfolio of 34 retail and mixed-use community and neighbourhood shopping centres. These properties are located in both primary and secondary markets across British Columbia, Alberta, Manitoba, Ontario, and Quebec, and comprise a total of approximately 2.3 million square feet of leasable space.

Disclaimer
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.

For further information, please contact:

Partners REIT Investor Relations
1 (844) 474-9620 ext. 401
[email protected]

Partners REIT
Jane Domenico
Chief Executive Officer
(416) 855-3313 ext. 401