/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/
TORONTO, March 1, 2013 /CNW/ - True North Apartment Real Estate
Investment Trust (the "REIT") (TSXV: TN.UN) announced today that it has closed the previously
announced acquisition of four multi-family properties (the "Properties") in Ontario. The Properties are located in Kitchener, Guelph, and
The aggregate purchase price of the Properties was $25.7 million,
including an installment note. For further information, please refer
to the press release dated February 21, 2013 which may be found on the
REIT's website at www.truenorthreit.com.
"We are pleased to have completed this accretive acquisition," stated
Leslie Veiner, the REIT's Chief Executive Officer. "Our Ontario
property portfolio continues to grow, and we look forward to building
further on the strong performance we have experienced in the province
About the REIT
The REIT is an unincorporated, open-ended real estate investment trust
established under the laws of the Province of Ontario.
The REIT focuses on a long-term strategy to generate stable cash
distributions on a tax-efficient basis for unitholders. The REIT
intends to actively look for opportunities to expand its asset base and
increase its distributable cash flow through acquisitions of additional
multi-suite residential rental properties across Canada, the United
States and other jurisdictions where opportunities may arise.
Additional information concerning the REIT is available at www.sedar.com.
The TSX Venture Exchange ("TSXV") 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:
Chief Executive Officer
Chief Financial Officer