BARRIE, ON, Nov. 28, 2013 /CNW/ – McCowan and Associates Ltd. (“McCowan”) announces that it has today acquired 3,872,863 units (“Units“) of Partners Real Estate Investment Trust (“Partners REIT”) at a price per Unit of $7.00 from one seller by private agreement.

Immediately following the purchase of the Units, McCowan had beneficial
ownership of, and control and direction over, directly or indirectly,
approximately 14.95% of the issued and outstanding units of Partners
REIT on an undiluted basis. The acquisition of Units in Partners REIT
by McCowan is for investment purposes. McCowan may from time to time
dispose of, or acquire, additional units of Partners REIT.

About McCowan and Associates Ltd.
McCowan and Associates Ltd. is a private company controlled by Ron
McCowan, an entrepreneur who has over 40 years of extensive experience
in real estate development, construction, ownership and management.
McCowan currently owns and manages properties comprising more than 4
million square feet.

This press release is issued pursuant to National Instrument 62-103 –
The Early Warning System and Related Take-Over Bid and Insider
Reporting Issues, which also requires a report to be filed with
regulatory authorities in each of the jurisdictions in which Partners
REIT is a reporting issuer containing information with respect to the
foregoing matters (the “Early Warning Report“). A copy of the Early Warning Report will appear with Partners REIT’s
documents on SEDAR at www.sedar.com.

The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the accuracy or adequacy of this press release.

SOURCE McCowan and Associates Ltd.