Former Independent Trustees of Partners Real Estate Investment Trust Comment on Vote to Internalize Management

CALGARY, June 6, 2013 /CNW/ - The former Independent Trustees of Partners Real Estate Investment (Partners) commented today on voting for the election of members of the REIT's Board of Trustees at today's Annual Meeting and the related internalization of management of the REIT.

The former Independent Trustees were very pleased that approximately 53% of the votes submitted by unrelated unitholders were voted in favor of the incumbent Independent Trustees - Lou Maroun, Saul Shulman, Tim O'Neill and John Van Haastrecht - and in favor of internalization of the REIT's management

The vote of unrelated unitholders excludes the units owned and/or controlled by IGW REIT (3,771,965 Units), Green Tree Capital Management Corp (795,741 Units) and those owned by IGW nominees and their affiliates (163,883 Units).

In the aggregate approximately 58% of the total number of trust units issued and outstanding were voted at today's meeting. Of the total votes cast at the meeting, approximately 65% were in favour of the new Board of Trustees and approximately 35% were in favour of the incumbent Board of Trustees.

"We want to thank all Unitholders who supported our actions and voted for the incumbent slate of Independent Trustees. We sincerely appreciate the encouragement and support shown by the unrelated unit holders and we wish Partners REIT well going forward," commented John Van Haastrecht.

SOURCE: Former Independent Trustees of Partners Real Estate Investment Trust

For further information:

David Mills
Mills Investor Relations
416-805-7721

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Former Independent Trustees of Partners Real Estate Investment Trust

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