Daniel Drimmer Acquires Units of True North Apartment Real Estate Investment Trust

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES FOR IMMEDIATE RELEASE/

TORONTO, Oct. 17, 2013 /CNW/ - Daniel Drimmer announced today that he acquired beneficial ownership of 5,676 trust units ("Acquired Units") of True North Apartment REIT (the "REIT") through D.D. Acquisitions Partnership and Drimmer Holdings Ltd., representing approximately 0.02% of the outstanding trust units of the REIT ("Units") (based on: (i) 22,842,317 Units stated to be outstanding as of June 30, 2013 in the REIT's unaudited condensed consolidated interim financial statements for the three months ended June 30, 2013 and 2012, six months ended June 30, 2013 and period from January 12, 2012 (commencement of operations) to June 30, 2012, after giving effect to the exchange of all outstanding class B limited partnership units of limited partnerships controlled by the REIT for Units on a one-for-one basis; and (ii) the 233,750 options to purchase Units pursuant to the REIT's amended and restated unit option plan adopted with effect from May 28, 2013 held by Daniel Drimmer).

Daniel Drimmer, together with D.D. Acquisitions Partnership, Drimmer Holdings Ltd., Mustang-Master LP, PD Kanco LP, TransGlobe Pool 2A Ltd., TransGlobe Pool 2B Ltd., TransGlobe Pool 2C Ltd., TransGlobe Pool 2D Ltd., TransGlobe Pool 2E Ltd. and TransGlobe Pool 2F Ltd., are collectively the "Offeror".

The Acquired Units were acquired at a price of $8.0582 per Unit through the Offeror's participation in the REIT's distribution reinvestment plan, representing a 3% discount to the weighted average closing price of the Units for the five trading days immediately preceding the date of distribution.

After giving effect to the acquisition, the Offeror beneficially owns 4,344,087 Units (including an aggregate of 3,731,550 Units that may be acquired upon the exchange of: (i) 233,750 options to purchase Units pursuant to the REIT's amended and restated unit option plan adopted with effect from May 28, 2013; (ii) 1,405,150 class B limited partnership units of Rocky (2013) Limited Partnership, a limited partnership controlled by the REIT; (iii) 1,405,151 class B limited partnership units of Blue-Starlight LP, a limited partnership controlled by the REIT; (iv) 687,499 class B limited partnership units of True North Limited Partnership, a limited partnership controlled by the REIT, which items (ii),(iii) and (iv) are accompanied by an aggregate of 3,497,800 special voting units of the REIT) representing approximately 18.83% of the outstanding Units (based on: (a) 22,842,317 Units stated to be outstanding as of June 30, 2013 in the REIT's unaudited condensed consolidated interim financial statements for the three months ended June 30, 2013 and 2012, six months ended June 30, 2013 and period from January 12, 2012 (commencement of operations) to June 30, 2012, after giving effect to the exchange of all outstanding class B limited partnership units of limited partnerships controlled by the REIT for Units on a one-for-one basis; and (b) the 233,750 options to purchase Units pursuant to the REIT's amended and restated unit option plan adopted with effect from May 28, 2013 held by Daniel Drimmer).

Pursuant to an exchange agreement dated June 5, 2012, between REIT, Starlight Investments Ltd. ("Starlight"), affiliates of Starlight, True North General Partner Corp. and limited partnerships controlled by the REIT, each class B limited partnership unit of Rocky (2013) Limited Partnership, Blue-Starlight LP and True North Limited Partnership may be exchanged for one Unit without further consideration at which time a corresponding special voting unit of the REIT will be cancelled.

The Acquired Units were acquired for investment purposes. The Offeror may from time to time acquire additional securities of the REIT and its controlled entities (whether pursuant to property acquisition transactions or otherwise), dispose of some or all of the securities of any such entity or maintain its current securities position in the entity.

Pursuant to the REIT's amended and restated declaration of trust made as of September 28, 2012, Starlight, a wholly-owned subsidiary of Daniel Drimmer, has the right to appoint a certain number of trustees to the board of trustees of the REIT depending on the size of the board and the size of Starlight's and its affiliates' beneficial interest in the REIT on a fully-diluted basis.

This press release is being issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under the REIT's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Daniel Drimmer at (416) 234-8444.

SOURCE: Daniel Drimmer

For further information:

The names and addresses of the persons filing the report are:

Daniel Drimmer 
D.D. Acquisitions Partnership 
Drimmer Holdings Ltd. 
Mustang-Master LP 
PD Kanco LP  
TransGlobe Pool 2A Ltd. 
TransGlobe Pool 2A Ltd. 
TransGlobe Pool 2B Ltd. 
TransGlobe Pool 2C Ltd. 
TransGlobe Pool 2D Ltd. 
TransGlobe Pool 2E Ltd. 
TransGlobe Pool 2F Ltd.

401 The West Mall
Suite 1100
Toronto, ON M9C 5J5
(416) 234-8444


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