Moray Tawse Early Warning Press Release

TORONTO, ONTARIO--(Marketwired - Sept. 14, 2015) - Pursuant to the previously announced rights offering (the "Rights Offering") by Partners Real Estate Investment Trust (the "REIT"), Moray Tawse has indirectly received, through entities controlled by him, 3,548,218 rights (the "Rights" and individually a "Right") in respect of the 3,548,218 units ("Units") of the REIT currently owned or controlled, by Mr. Tawse, which represents approximately 13.3% of the Units currently outstanding. One Unit may be acquired upon the exercise of four Rights and the payment of $3.10 per Unit on or prior to 5:00 p.m. on October 21, 2015, the details of which are described in the REIT's Rights Offering Circular dated August 20, 2015.

Mr. Tawse intends to participate in the Rights Offering to the fullest extent possible, without triggering the REIT's Unitholders Rights Plan, through the exercise of all of his Rights pursuant to the basic subscription privilege, and, to the extent applicable, the additional subscription privilege, as described in the Rights Offering Circular of the REIT dated August 20, 2015.

This press release is being issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under the REIT's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Moray Tawse at 100 University Avenue, Suite 700, North Tower, Toronto, Ontario M5J 1V6 and will be filed under the REIT's profile on SEDAR (www.sedar.com).

Mr. Tawse has over 30 years of experience in the real estate finance industry and sits on the boards of First National Financial Corporation and Regal Lifestyle Communities Inc., and is the Executive Vice President and Secretary of First National Financial Corporation.