DANIEL DRIMMER ACQUIRES ADDITIONAL TRUST UNITS OF TRUE NORTH COMMERCIAL REAL ESTATE INVESTMENT TRUST

/NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Nov. 15, 2023 /CNW/ - Daniel Drimmer through D.D. Acquisitions Partnership ("DDAP"), a general partnership, announced today that he has indirectly acquired beneficial ownership of 83,000 trust units ("Units") of True North Commercial Real Estate Investment Trust (the "REIT") purchased through the Toronto Stock Exchange for prices between $1.23 and $1.36 per Unit, for the total consideration of $105,243.80  (the "Acquisition"). 

DDAP acquired an aggregate of 83,000 Units for consideration of $105,243.80 representing approximately 0.09% of the issued and outstanding Units based on 94,440,415 Units outstanding as of November 15, 2023, and after giving effect to the exchange of all outstanding class B limited partnership units ("Class B LP Units") of True North Commercial Limited Partnership (a limited partnership controlled by the REIT) for Units on a one-for-one basis. After giving effect to the Acquisition, the percentage of Units owned and controlled by Daniel Drimmer, indirectly and through DDAP, increased to approximately 10.01% of the issued and outstanding Units (based on 94,440,415 Units outstanding as of November 15, 2023, after giving effect to the exchange of all Class B LP Units on a one-for-one basis). Because Mr. Drimmer, now exercises ownership and control over more than 10% of the issued and outstanding Units, Mr. Drimmer is now subject to ongoing early warning or insider reporting requirements in respect of his ownership of Units.

Prior to the Acquisition, Daniel Drimmer, beneficially owned, or had control or direction over, 8,540,047 Units, 828,125 Class B LP Units, 828,125 non-participating special voting units in the capital of the REIT, and 2,012 Restricted Units (as defined in the REIT's Incentive Unit Plan), representing an aggregate of 9.92% of the outstanding Units of the REIT after giving effect to the exchange of all outstanding Class B LP Units of True North Commercial Limited Partnership for Units on a one-for-one basis.

The Units are being acquired for investment purposes. Subject to various factors including, without limitation, the REIT's financial position, the price of Units, market conditions, Daniel Drimmer's determinations from time to time as to whether the trading price of the Units adequately reflects the value of the Units in relation to the REIT's activities and future prospects, and other factors and conditions Daniel Drimmer deems appropriate, Mr. Drimmer may acquire additional Units or may dispose of any or all of its Units, from time to time through, among other things, the purchase or sale of Units on the open market or in private transactions or otherwise, on such terms and at such times as may deemed advisable.

DDAP is an Onterio general partnership, the principal business of which is to invest in real estate investments, with its head office at 1400-3280 Bloor Street West, Centre Tower, Toronto, ON  M8X 2X3.

The REIT's address is 1400-3280 Bloor Street West, Centre Tower, Toronto, ON M8X 2X3.

For further information and to obtain a copy of the early warning report to be filed by DDAP and Mr. Drimmer under applicable Canadian securities laws. Please see the REIT's profile on SEDAR+ at www.sedarplus.ca.

SOURCE Daniel Drimmer

Daniel Drimmer and D.D. Acquisitions Partnership, 1400-3280 Bloor Street West, Centre Tower Toronto, ON M8X 2X3, [phone]