Partners REIT Announces Management Change

VICTORIA, BRITISH COLUMBIA--(Marketwire - Feb. 13, 2013) - Partners Real Estate Investment Trust (the "REIT" or "Partners REIT") (TSX:PAR.UN) announced today that Mr. Tony Quo Vadis has resigned as Chief Financial Officer of the REIT for personal family reasons involving a necessary move from Victoria. Ms. Heather Routly, MPAcc, CA, the REIT's Chief Accounting Officer, will assume the CFO duties on an interim basis, supported by Mr. Patrick Miniutti, CPA, the REIT's President, who has extensive prior experience as the CFO of publicly traded real estate investment trusts. Mr. Quo Vadis will maintain a relationship with related entities of the REIT as Board Chairman of League Urban Ventures, a mixed-use real estate development company. A permanent CFO will be appointed once the Board of Trustees of the REIT has completed a full search process.

Ms. Routly has fifteen years of experience in accounting positions of increasing responsibility with a number of public and private companies. Prior to her appointment as interim CFO she was the Chief Accounting Officer for the REIT. She has a Bachelor of Business Administration degree from Simon Fraser University, a Masters of Professional Accounting degree from the University of Saskatchewan, and received her Chartered Accountant designation in 2006.

"We thank Tony Quo Vadis for his contribution to the REIT, and wish him well in his future endeavors," commented Lou Maroun, Chairman. "We have every confidence in Heather's ability to fulfill the CFO duties during this transition."

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 33 retail properties, well-located in British Columbia, Alberta, Manitoba, Ontario and Quebec, aggregating approximately 2.3 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.

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.