July 21 (Reuters) - McCowan and Associates
* McCowan and Associates - acquired beneficial ownership of 2.4 million units of partners real estate investment trust, representing about 5.3 pct of issued units
* McCowan and Associates - after completion of rights offering, McCowan will have about 20.2 percent of partners reit's issued and outstanding units
* McCowan and Associates - all 2.4 million units of Partners REIT were acquired at subscription price of $3.10/unit for total subscription proceeds of $7.6 million