Partners REIT Appoints Paul Harrs as Chief Operating Officer

BARRIE, ONTARIO--(Marketwired - Jan. 25, 2016) - Partners Real Estate Investment Trust ("Partners" or the "REIT") (TSX:PAR.UN) is pleased to announce the appointment of real estate veteran Paul Harrs to the position of the REIT's Chief Operating Officer.

Mr. Harrs most recently served as the President of Paul Harrs Real Estate Brokerage, which was involved in the leasing operations of Partners' real estate portfolio from Ontario to British Columbia. He possesses more than 25 years of industry experience, with particular expertise in the management of regional shopping centres, the leasing of new developments, and the turnaround of distressed retail properties. He previously served as both Senior Vice President of National Leasing and Vice President of the Central Region for Ivanhoe Cambridge, as well as the Director of National Specialty Leasing for Cadillac Fairview. Mr. Harrs holds both a BA (Commerce) and an MBA from the University of Toronto. He is a registered real estate broker with RECO, as well as a Certified Shopping Center Manager (CSM), Certified Leasing Specialist (CSM), and Certified Retail Property Executive (CRX) with The International Council of Shopping Centers.

"Over the course of 2015, Partners focused on enhancing the appeal of its existing properties, placing the best possible tenants within those properties, delivering those tenants the best possible service while improving the overall property management standards and property costs," stated Jane Domenico, the REIT's CEO. "We will continue to pursue these objectives in 2016. We are confident that Paul's addition to our management team will aid in our execution of these efforts, particularly given his prior work with the majority of our existing portfolio."

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust focused on the expansion and management of a portfolio of 36 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 2.5 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. 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.