TORONTO, Oct. 14, 2015 /CNW/ - True North Apartment Real Estate Investment Trust ("True North") (TSX:TN.UN,TN.DB) is pleased to announce that at a special meeting of its unitholders held today, its unitholders overwhelmingly approved the previously announced proposed plan of arrangement (the "Plan of Arrangement") with Northern Property Real Estate Investment Trust ("NPR"), which will culminate in the formation of Northview Apartment Real Estate Investment Trust ("Northview").
"We thank unitholders for their strong support for this transaction," said True North President and Chief Executive Officer, Leslie Veiner. "This is an excellent outcome that supports the creation of a significantly larger, financially stronger entity that will be well positioned to deliver sustainable and growing value for True North's unitholders."
The specific voting results regarding approval of the special resolution in connection with the Plan of Arrangement are as follows:
- A total of 24,510,587 True North trust units and special voting units (collectively, the "Units") were cast, representing 73.8% of the total issued and outstanding Units. Of those votes cast, 22,116,973 Units, representing 90%, were voted in support of the resolution.
- Of the Units cast by minority unitholders (Units excluding those held by Daniel Drimmer and his affiliates), 8,634,985 Units, representing 78%, were voted in support of the resolution.
NPR's unitholders also overwhelmingly approved the proposed transaction with True North, as well as the concurrent acquisition of certain multi-family real estate assets from Starlight Investments Ltd. ("Starlight") and from joint ventures between affiliates of the Public Sector Pension Investment Board and affiliates of Starlight at a special meeting held earlier today.
True North intends to seek a final order of the Alberta Court of Queen's Bench to approve the proposed transactions, at a hearing expected to be held on or about October 16, 2015. Subject to obtaining all required approvals and satisfying all required conditions, the transaction is expected to close on or about October 30, 2015. Further details on the transactions are available at www.northviewreit.com.
About True North Apartment REIT
True North is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. True North focuses on a long-term strategy to generate stable cash distributions on a tax- efficient basis for unitholders. True North actively looks 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. True North trust units are traded on the TSX under the ticker symbol: TN.UN. The True North convertible unsecured subordinated debentures are traded on the TSX under the ticker symbol TN.DB. Additional information concerning True North is available on SEDAR at www.sedar.com or at its website at www.truenorthreit.com.
About Northview Apartment REIT
As part of the transactions, NPR will change its name to Northview Apartment Real Estate Investment Trust. Northview will be Canada's third largest publicly traded multi-family REIT with a portfolio of more than 24,000 quality residential suites in more than 60 markets across eight provinces and two territories. Northview's significant portfolio spans markets characterized by expanding populations, growing economies, high occupancy levels, and rising rents, which will provide Northview the means to deliver stable and growing profitability and cash distributions over time. Northview will be traded on the TSX under the proposed ticker symbol: NVU. Additional information concerning Northview is available at www.sedar.com or www.northviewreit.com.
This press release contains forward-looking statements that reflect current expectations of each of NPR and True North about their future results, performance, prospects and opportunities, including with respect to the anticipated benefits of the proposed Plan of Arrangement and other statements that are not historical facts.
The timing and completion of the Plan of Arrangement is subject to customary closing conditions, termination rights and other risks and uncertainties including, without limitation, required regulatory, and court approvals. Accordingly, there can be no assurance that the Plan of Arrangement will occur, or that it will occur on the timetable or on the terms and conditions contemplated in this news release. The Plan of Arrangement could be modified, restructured or terminated.
Forward-looking statements are based on information available at the time they are made, underlying estimates and assumptions made by management and management's good faith belief with respect to future events, performance and results, and are subject to inherent risks and uncertainties surrounding future expectations generally, which could cause actual results to differ materially from what is currently expected. Such risks and uncertainties include, but are not limited to, risks associated with investment in and development of real property, competition, financing and refinancing risks, changes in economic conditions, changes in interest rates, changes in taxation rules, reliance on key personnel, environmental matters, tenant risks, fluctuations in commodity prices and other risk factors more particularly described in NPR's and True North's management information circular as well as the most recent annual information form of NPR and True North available on SEDAR at www.sedar.com. Additional risks and uncertainties not presently known to NPR and True North may also adversely affect True North and Northview.
Readers are cautioned not to place undue importance on forward-looking information. True North disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
SOURCE True North Apartment Real Estate Investment Trust
For further information: Investors: Leslie Veiner, President and Chief Executive Officer, (647) 725-0433; Martin Liddell, Chief Financial Officer, (647) 729-2588; Media: Joel Shaffer, Longview Communications, (416) 649-8006; Trevor Zeck, Longview Communications, (604) 694-6037