McCowan and Associates Ltd. Press Release

TORONTO, Sept. 4, 2015 /CNW/ - McCowan and Associates Ltd. ("McCowan"), a corporation owned and controlled by Ronald McCowan, announced that it has today acquired beneficial ownership of 55,950 units ("Units") of Partners Real Estate Investment Trust ("Partners REIT"), representing approximately 0.2% of the issued and outstanding Units. The Units were acquired through the facilities of the Toronto Stock Exchange at an average price of approximately $3.50 per Unit. As a result of this acquisition, McCowan now has beneficial ownership of 4,951,787 Units, representing approximately 18.6% of the issued and outstanding Units.

McCowan acquired the Units for investment purposes. Subject to compliance with applicable securities laws, McCowan may, from time to time, increase or decrease its ownership, control or direction over the Units or other securities of Partners REIT through market transactions, private agreements or otherwise.

SOURCE McCowan and Associates Ltd.

For further information: For further information or a copy of the report filed under National Instrument 62-103, please contact: Ronald McCowan, Chief Executive Officer, McCowan and Associates Ltd., 158 Dunlop Street East, Unit #201, Barrie, Ontario L4M 1B1, Tel: (705) 737-1057 ext. 106

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McCowan and Associates Ltd.

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