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Canadian Residential

True North Apartment Real Estate Investment Trust Completes Initial Acquisition



June 5, 2012 — Toronto, Ontario — (TSXV: TN.UN) True North Apartment Real Estate Investment Trust (the REIT”) announced today that it completed the acquisition of a 72-suite multi-residential rental property in Guelph, Ontario (the Initial Acquisition”). The purchase price of $7.55 million for the Initial Acquisition, representing a capitalization rate of approximately 6.1%, was satisfied by the payment by the REIT of approximately $2.2 million in cash and as to the balance by mortgage financing of approximately $5.3 million.

The Initial Property is located at 444 Victoria Road North, Guelph, Ontario, and is a high-rise residential apartment building situated on the southwest corner of the intersection of Victoria Road North and Woodlawn Road East in the City of Guelph. The building is located in close proximity to Highways 6 and 7. The seven storey building is situated on approximately 1.82 acres of land and contains a total of 51,375 square feet of rentable area. The building is improved with 72 suites consisting of 1‑bachelor, 46-one bedroom, 21-two bedroom and 4‑three bedroom suites. Building amenities include laundry facilities and 92 surface parking spaces. 444 Victoria is presently 100% occupied.

About True North

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 forward-looking statements.

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 events.

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.

For additional information, please contact: 

Daniel Drimmer 
Chief Executive Officer
+1 – 416-234‑8444 


Martin Liddell
Chief Financial Officer
+1 – 416-234‑8444