Partners Real Estate Investment Trust (the "REIT" or "Partners") (TSX: PAR.UN) announces it has entered into an agreement for the sale of its 11 Quebec retail properties (the "Quebec Sale Transaction"). The Quebec Sale Transaction is subject to completion of satisfactory due diligence by the purchaser, satisfaction of any applicable Competition Act (Canada) requirements and certain customary closing conditions. Subject to satisfaction or waiver of all conditions, the Quebec Sale Transaction is expected to close early in the second quarter of 2019. If completed, the Quebec Sale Transaction is currently expected to result in net cash proceeds to the REIT, after payment of related mortgages and transaction expenses, of approximately $65 million.

Partners Real Estate Investment Trust ("Partners REIT" or the "REIT") (TSX:PAR.UN) is pleased to announce that the terms of the Class Action settlement previously announced on October 31, 2018 between, among others, certain former trustees and a former officer of Partners REIT, have been approved by the Ontario Superior Court of Justice. Pursuant to those terms, the Class Action will be formally dismissed on or around January 28, 2019. The REIT is not a defendant in the Class Action.

Partners Real Estate Investment Trust (the "REIT," or "Partners") (TSX: PAR.UN) announces the results of voting conducted on December 10, 2018, at a Special Meeting of Unitholders.