The Square Foot

Partners Real Estate Investment Trust (TSXV: PAR.UN) announces that it closed its previously announced offering  of 10,753,000 units of the REIT  at a price of $1.86 per Unit representing gross proceeds of approximately $20 million, on a bought deal basis, to a syndicate of underwriters co-led by National Bank Financial Inc. and Canaccord Genuity Corp., and including Scotia Capital Inc., CIBC World Markets Inc., TD Securities Inc., Desjardins Securities Inc., Macquarie Capital Markets Canada Ltd., Raymond James Ltd. and GMP Securities L.P.

The REIT has granted the Underwriters an over-allotment option, exercisable in whole or in part at any time up to 30 days following the closing of the offering, to purchase up to an additional 1,612,950 Units at the same offering price.

The estimated net proceeds to the Trust from the Offering, after deducting the Underwriters' fee of $900,026 but before deducting the expenses of the Offering, were approximately $19.1 million. The net proceeds from the Offering are expected to be used by the REIT to pay out a loan facility entered into in connection with certain property purchases and to pay down a portion of the REIT's acquisition facility advanced in respect of a property purchase completed in 2011.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the United States absent registration or pursuant to applicable exemption from registration.