Toronto (November 4, 2015) — On October 30, 2015, Northern Property Real Estate Investment Trust (NPR) completed transactions involving the acquisition of all of the assets and properties of True North Apartment REIT (True North). NPR also acquired a portfolio of multi-family real estate assets from affiliates of Starlight Investments Ltd., as well as from joint ventures between affiliates of the Public Sector Pension Investment Board and affiliates of Starlight. These transactions represent Canada's largest multi-family real estate acquisition.

NPR acquired all of the assets and properties of True North through a court approved plan of arrangement. As consideration, True North unitholders received 0.3908 of an NPR trust unit for each True North trust unit held, and True North class B limited partnership unitholders received 0.3908 of an NPR Class B LP Unit for each True North class B limited partnership unit held.

In addition, NPR acquired 33 apartment properties held by Starlight and from a joint venture between affiliates of Starlight and PSP Investments, for the aggregate purchase price of $535.1 million, which was satisfied by the payment of cash, the assumption of debt, and the issuance of NPR Trust Units and NPR Class B LP Units, which are economically equivalent to and exchangeable for NPR Trust Units. The value of the new combined entity will be approximately $3 billion, ‎creating Canada's third largest multi-family REIT.

In connection with the closing of the transactions, two Canadian chartered banks provided to NPR a senior secured non-revolving term loan facility, in the amount of $325.0 million to finance the acquisition of the private portfolio, and a senior secured non-revolving bridge facility, in the amount of $25 million to provide additional liquidity.

On closing, NPR changed its name to Northview Apartment Real Estate Investment Trust (Northview). On or about Nov. 4, 2015, Northview will commence trading on the TSX under the symbol "NVU.UN".

Northview, headquartered in Calgary, Alberta, is primarily a multi-family residential real estate investor, providing a broad spectrum of rental accommodations across Canada.

BLG represented NPR with a team led by Fred R. Pletcher and including Graeme Martindale, Louise Lee, Stephen Robertson, Andrew Bunston, Julie Bogle, Andrew McLean and Colin Cameron-Vendrig (Securities and Corporate); Murray Shopiro, Catherine Guertin, Evelyn Goldfarb, Line Abecassis and Nathalie Duceppe (Real Estate); Alan Sless, Vincent Frenette, Martha Martindale and Christian Lazarre (Financial Services); Subrata Bhattacharjee and Denes Rothschild (Competition); David Madsen (Litigation); Janet Kasun and Joseph Takhmizdjian (Tax); and Naomi Calla (Labour and Employment).

About Borden Ladner Gervais LLP

Borden Ladner Gervais LLP (BLG) is a leading, national, full-service Canadian law firm focusing on business law, commercial litigation and arbitration, and intellectual property solutions for our clients. BLG is one of the country's largest law firms with more than 725 lawyers, intellectual property agents and other professionals in five cities across Canada. We assist clients with their legal needs, from major litigation to financing to trademark and patent registration.

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For more information or to arrange an interview, please contact:

Eusis Dougan-McKenzie
Borden Ladner Gervais LLP
EDouganMcKenzie@blg.com
416.350.2676

Talha Wasti
Environics Communications Inc.
TWasti@environicspr.com
416.969.2658

Alida Alepian
Capital Image
AAlepian@capital-image.com
514.739.1188 ext.239