SmartCentres Real Estate Investment Trust ("SmartCentres" or the "REIT") (TSX:SRU.UN), one of Canada's largest real estate investment trusts, and the Penguin Group of Companies ("Penguin"), owned by Mitchell Goldhar, announced today that the two parties have entered into a joint venture with respect to a 15.48 acre site ("the JV Site") immediately abutting the VMC lands and proximate to the SmartVMC lands already jointly owned by SmartCentres and Penguin, and the termination of an existing Walmart lease paving the way for strategic development on VMC lands.

Further to disclosure requirements of applicable securities laws, Mitchell Goldhar announces that he has, since the last early warning report dated October 4, 2017, acquired beneficial ownership of equity and voting securities of SmartCentres Real Estate Investment Trust (the "REIT") consisting of (i) 53,002 units of the REIT ("Units") pursuant to the exercise of rights under previously disclosed property acquisition arrangements of the REIT; (ii) 130,095 exchangeable Class B limited partnership units ("Class B Units") (exchangeable into Units on a one-for-one basis) of subsidiary partnerships of the REIT (the "Partnerships"), together with an equal number of associated non-participating special voting units ("Special Voting Units") pursuant to the exercise of rights under previously disclosed property acquisition arrangements of the REIT; and (iii) 3,207,396 Special Voting Units pursuant to the terms of Section 6.1.5 of the amended and restated declaration of trust of the REIT (the "Declaration of Trust", and any Special Voting Units issued from time to time pursuant to Section 6.1.5 of the Declaration of Trust hereinafter referred to as "Additional Special Voting Units") whereby Mitchell Goldhar has minimum voting entitlements in specified circumstances (the foregoing acquisitions described in (i), (ii) and (iii) collectively referred to hereinafter as the "Unit Activity").

SmartCentres Real Estate Investment Trust ("SmartCentres") (TSX: SRU.UN) and the Penguin Group of Companies ("Penguin") owned by Mitchell Goldhar announced today that they have entered into another joint venture with CentreCourt, to develop two additional Transit City Condo towers in SmartCentres Place at the Vaughan Metropolitan Centre ("VMC"). These two towers, Towers 4 and 5, will complement Towers 1, 2 and 3, the three 55 storey towers which were strongly received by the market in May 2017. SmartCentres and Penguin alone will also develop a sixth tower as a purpose-built rental apartment. The three new towers total approximately 1600 units, contributing to the burgeoning downtown core that Penguin and SmartCentres are actively developing.