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.