TORONTO, March 25, 2014 /CNW/ – McCowan and Associates Ltd. (“McCowan”) announces that it has acquired beneficial ownership of 529,473 units
(“Units“) of Partners Real Estate Investment Trust (“Partners REIT”) at a price per Unit of $7.00 from two sellers by private agreement.
McCowan has control and direction over 17,501 of the Units.

Immediately following the purchase of the Units, McCowan had (i)
beneficial ownership of approximately 16.98% of the issued and
outstanding units of Partners REIT and (ii) control and direction over
14.94% of the issued and outstanding units of Partners REIT, directly
or indirectly, 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.