Daniel Drimmer acquires units of Truth North Commercial Real Estate Investment Trust

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Feb. 12, 2013 /CNW/ - Daniel Drimmer announced today that contemporaneously with the completion of the sale by True North Commercial Real Estate Investment Trust (the "REIT") of 14,549,914 trust units ("Units") of the REIT on a bought deal basis by way of short-form prospectus (the "Offering"), Mr. Drimmer through D.D. Acquisitions Partnership (the "Acquiror"), an entity controlled by him, acquired beneficial ownership of 1,827,676 Units pursuant to the Offering, at the offering price of $3.83 per Unit. In addition, the Acquiror acquired beneficial ownership of an additional 783,290 Units pursuant to a non-brokered private placement, at a price of $3.83 per Unit (the "Private Placement").

After giving effect to the Offering and the Private Placement, the Acquiror, along with Drimmer Holdings Ltd., shall beneficially own 4,325,072 Units (including the 1,656,250 Units that may be acquired upon the exchange of its class B limited partnership units ("Class B LP Units") of True North Commercial Limited Partnership, a limited partnership controlled by the REIT, which are accompanied by 1,656,250 special voting units of the REIT ("Special Voting Units")), representing approximately 19.36% of the outstanding Units (based on 22,341,894 Units stated to be outstanding as of February 12, 2013 in the REIT's news release issued on February 12, 2013 and after giving effect to the exchange of all outstanding Class B LP Units for Units on a one-for-one basis).

Pursuant to an exchange agreement dated December 14, 2012, between the REIT, True North Commercial General Partner Corp. and Starlight Investments Ltd., each Class B LP Unit may be exchanged for one Unit without further consideration at which time a corresponding Special Voting Unit will be cancelled.

The aggregate of 2,610,966 Units acquired pursuant to the Offering and Private Placement, respectively, were acquired for investment purposes. 783,290 Units were acquired pursuant to applicable prospectus exemptions set out in National Instrument 45-106 - Prospectus and Registration Exemptions. Mr. Drimmer, the Acquiror and Drimmer Holdings Ltd. may from time to time acquire additional securities of the REIT and its controlled entities (whether pursuant to property acquisition transactions or otherwise), dispose of some or all of the securities of any such entity or maintain its current securities position in the entity.

This press release is being issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under the REIT's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters.  A copy of such report may be obtained by contacting Daniel Drimmer at [phone].

SOURCE: Daniel Drimmer

The names and addresses of the Acquiror filing the report is:

Daniel Drimmer
401 The West Mall
Suite 1100
Toronto, ON  M9C 5J5

D.D. Acquisitions Partnership
401 The West Mall
Suite 1100
Toronto, ON  M9C 5J5

Drimmer Holdings Ltd.
401 The West Mall
Suite 1100
Toronto, ON  M9C 5J5