Moray Tawse

July 13, 2017 16:18 ET

Moray Tawse: Partners REIT Early Warning Press Release

TORONTO, ONTARIO--(Marketwired - July 13, 2017) - Mr. Moray Tawse has acquired indirectly a net aggregate of 86,981 units ("Units") of the Partners Real Estate Investment Trust (the "REIT") at a price of $3.15 per Unit and 1,692,981 rights ("Rights") of the REIT at an average price of $0.026 per Right, representing an increase of approximately 1.887% of the REIT's 34,146,726 issued and outstanding Units as reported in its Management's Discussion and Analysis dated May 3, 2017 (the "Outstanding Units").

Prior to the acquisitions referred to above, Mr. Tawse owned, directly or indirectly, 5,998,242 Units, representing approximately 17.57% of the REIT's Outstanding Units (if calculated on a partially diluted basis assuming the exercise of Mr. Tawse's 6,451,642 Rights, Mr. Tawse would own approximately 22.07% of the REIT's Outstanding Units).

After completion of the acquisitions referred to above, Mr. Tawse owned, directly or indirectly, 6,085,223 Units, representing approximately 17.82% of the REIT's Outstanding Units (if calculated on a partially diluted basis assuming the exercise of Mr. Tawse's 8,144,623 Rights, Mr. Tawse would own approximately 23.87% of the REIT's Outstanding Units).

Mr. Tawse acquired the Rights and the Units for investment purposes. Depending on market conditions, circumstances and other relevant factors, Mr. Tawse may, from time to time, increase or decrease his interest in the REIT, including with respect to the REIT's publicly announced rights offering.

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).

Moray Tawse

Mr. Tawse has over 30 years of experience in the real estate finance industry and is a director and Executive Vice President of First National Financial Corporation.

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