Partners Real Estate Investment Trust (TSX-V: CRH.UN) announces senior executive changes

 

TORONTO, ONTARIO--(Marketwire - Oct. 13, 2009) - Partners Real Estate Investment Trust (“Partners REIT”) is announcing certain senior executive changes.

Mr. John Driscoll has resigned, effective today, as Chief Executive Officer of Partners REIT.  Mr. Driscoll will remain as Chairman of Partners REIT’s Board of Trustees.  The Board of Trustees of Partners REIT is pleased to announce that Mr. Ari Silverberg, currently Partners REIT’s President and Chief Operating Officer will become Partners REIT’s President and Chief Executive Officer.  Mr. Silverberg has shown his capabilities managing the day-to-day and strategic affairs of Partners REIT since arriving at Partners REIT in 2006 and, specifically, in the recent economic environment.

Partners REIT
Partners Real Estate Investment Trust is an open ended real estate investment trust established under the laws of the Province of Ontario. Partners REIT is focused on acquiring and managing a portfolio of retail and mixed-use retail community and neighbourhood centres, generally in the mid-market deal size range of $10 to $40 million, comprised of stable cash flow and value-add properties from both primary and secondary markets throughout Canada. Partners REIT’s principal goal is to generate a reliable and growing yield for investors. Partners REIT currently owns ten retail properties located in Ontario and Quebec.

More information
Ari Silverberg, President and Chief Executive Officer or Floriana Cipollone, Chief Financial Officer
Telephone: (416) 364-5705, Facsimile: (416) 861-8166

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions “will” and similar expressions to the extent they relate to Partners REIT. The forward-looking statements are not historical facts but reflect Partners REIT’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Partners REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.