True North Apartment REIT Announces Appointment of Leslie Veiner as Chief Executive Officer

TORONTO, July 25, 2012 /CNW/ - True North Apartment Real Estate Investment Trust (the "REIT") (TSXV: TN.UN) is pleased to announce that its trustees have appointed Leslie M. Veiner, C.A. as Chief Executive Officer, effective August 27, 2012.

Mr. Veiner has held senior management positions in the Canadian real estate industry and most recently served as the Chief Financial Officer of TransGlobe Apartment Real Estate Investment Trust. TransGlobe REIT was one of Canada's leading TSX listed, multi-residential real estate investment trusts which owned a portfolio of 175 residential rental properties containing approximately 21,735 suites principally located in urban centres in Alberta, Ontario, Québec, New Brunswick and Nova Scotia. It was taken private on June 29, 2012. Mr. Veiner stated: "I'm excited to be appointed True North's CEO and am looking forward to this new challenging role and to maximizing the REIT's potential and focusing on unitholder value."

Daniel Drimmer, Chair of the Board of Trustees of the REIT, commented on the appointment: "We are really pleased to have Les assume leadership of True North. He brings extensive real estate, capital markets, and finance experience which are all key ingredients to forge True North's success. I will continue to work closely with him on our acquisition program." As President of Starlight Investments Ltd., the REIT's asset manager, Mr. Drimmer will continue to play a leading role in the REIT's acquisition program, including both third party owned properties as well as properties owned by entities controlled by him.

Mr. Veiner's services are being provided and paid for by Starlight Investments Ltd. as part of the asset management arrangements between Starlight and the REIT.  As part of Mr. Veiner's  compensation package and following the effective date of his appointment, the REIT intends to grant to Mr. Veiner options to subscribe for up to 300,000 trust units of the REIT in accordance with its TSXV-approved unit option plan. Such options shall vest over a three year period commencing upon the first anniversary of the date of grant.

About the REIT

The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario.

Forward-looking Statements

Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding the REIT's financial position and results of operations as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information may relate to the REIT's future outlook and anticipated events 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 as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.

Forward-looking statements necessarily involve known and unknown risks and uncertainties, that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond the REIT's control, affect the operations, performance and results of the REIT and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to, the risks discussed in the REIT's materials filed with Canadian securities regulatory authorities from time to time. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements as there can be no assurance that actual results will be consistent with such forward-looking statements.

Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, including the closing of the Acquisition, as well as other considerations that are believed to be appropriate in the circumstances, including the following: the Canadian economy will remain stable over the next 12 months; inflation will remain relatively low; interest rates will remain stable; conditions within the real estate market, including competition for acquisitions, will be consistent with the current climate; the Canadian capital markets will provide the REIT with access to equity and/or debt at reasonable rates when required; Starlight will continue its involvement with the REIT; and the risks identified or referenced above, collectively, will not have a material impact on the REIT. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

The forward-looking statements made in this press release are dated, and relate only to events or information, as of the date of this press release. Except as specifically required by 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 events.

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,
(416) 234-8444


Martin Liddell
Chief Financial Officer and Secretary
(416) 234-8444

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True North Apartment Real Estate Investment Trust

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