EARLY WARNING PRESS RELEASE - DANIEL DRIMMER'S SECURITYHOLDING PERCENTAGE IN TRUE NORTH COMMERCIAL REAL ESTATE INVESTMENT TRUST SURPASSES 12%

/Not for dissemination in the United States/

TORONTO, Aug. 28, 2024 /CNW/ - Daniel Drimmer, through D.D. Acquisitions Partnership (the "Acquiror"), a general partnership, announced today that he has acquired beneficial ownership of 600 trust units ("Units") of True North Commercial Real Estate Investment Trust (the "REIT"), which were purchased through the Toronto Stock Exchange at a price of $10.17 per Unit, for the total consideration of $6,102 (the "Acquisition").

Mr. Drimmer acquired an aggregate of 600 Units, representing approximately 0.004% of the issued and outstanding Units based on 14,879,923 Units outstanding as of August 27, 2024, following the completion of the Acquisition 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 directly or indirectly owned and controlled by Mr. Drimmer increased to approximately 12.02% of the issued and outstanding Units (based on 14,879,923 Units outstanding as of August 27, 2024, after giving effect to the exchange of all Class B LP Units on a one-for-one basis). Based on the foregoing, Mr. Drimmer continues to be subject to ongoing early warning or insider reporting requirements in respect of his ownership of Units.  

Prior to the Acquisition, Mr. Drimmer beneficially owned, or had control or direction over, 1,644,035 Units, 144,021 Class B LP Units, 144,021 non-participating special voting units in the capital of the REIT ("Special Voting Units"), and 794 Restricted Units (as defined in the REIT's Incentive Unit Plan), representing an aggregate of 12.01% 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, Mr. 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 Mr. 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 Mr. Drimmer may deem advisable. 

The Acquiror is an Ontario general partnership, the principal business of which is to make 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

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