/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, June 7, 2012 /CNW/ - True North Apartment Real Estate
Investment Trust (the "REIT"), is pleased to announce that it has completed its third acquisition
of a multi-residential rental property located at 35 Mowat Boulevard,
Kitchener, Ontario (the "Third Property").
The purchase price of approximately $1.3 million for the Third Property
represents a capitalization rate of approximately 5.8% and was
satisfied in cash.
The Third Property is a low-rise residential walk-up apartment building
situated on the northwest corner of the intersection of Ottawa Street
South and Mowat Boulevard in the City of Kitchener. The building is
located in close proximity to Highways 7 and 8. The three storey
building is situated on approximately 0.54 acres of land and contains a
total of 13,316 square feet of rentable area. The building is improved
with 17 suites consisting of 6-one bedroom and 11-two bedroom suites.
The buildings include laundry facilities and provide 13 surface parking
Trading is currently halted pending approval of Wand Capital
Corporation's qualifying transaction. It is expected that units of the
REIT will trade under the ticker "TN.UN" when trading resumes.
About the REIT
The REIT is an unincorporated, open-ended real estate investment trust
established under the laws of the Province of Ontario.
Certain statements contained in this press release constitute
forward-looking information within the meaning of applicable securities
laws. Forward-looking information may relate to the REIT's future
outlook and anticipated events or results and may include statements
regarding the financial position, business strategy, budgets,
litigation, projected costs, capital expenditures, financial results,
taxes, plans and objectives of or involving the REIT. Particularly,
statements regarding future results, performance, achievements,
prospects or opportunities for the REIT or the real estate industry are
forward-looking statements. In some cases, forward-looking information
can be identified by such terms such as "may", "might", "will",
"could", "should", "would", "occur", "expect", "plan", "anticipate",
"believe", "intend", "estimate", "predict", "potential", "continue",
"likely", "schedule", or the negative thereof or other similar
expressions concerning matters that are not historical facts. Some of
the specific forward-looking statements in this press release include,
but are not limited to, statements with respect to the following: the
expected commencement of trading of Units of the REIT.
Although the forward-looking statements contained in this press release
are based upon assumptions that management of the REIT believes are
reasonable based on information currently available to management,
there can be no assurance that actual results will be consistent with
these forward-looking statements. Forward-looking statements
necessarily involve known and unknown risks and uncertainties, many of
which are beyond the REIT's control, which may cause actual results to
differ materially from those expressed or implied by such
The forward-looking statements made in this press release relate only to
events or information as of the date hereof. Except as required by
applicable Canadian law, the REIT undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result of
new information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of unanticipated
The TSXV has in no way passed upon the merits of the qualifying
transaction and has neither approved nor disapproved the contents of
this press release.
Neither the TSXV nor its Regulation Services Provider (as that term is
defined in policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE True North Apartment Real Estate Investment Trust
For further information:
Daniel Drimmer, Chief Executive Officer, at Tel: (416) 234-8444, firstname.lastname@example.org, or Martin Liddell, Chief Financial Officer, at Tel: (416) 234-8444, email@example.com.