Leading Independent Proxy Advisory Firms ISS and Glass Lewis Recommend Northern Property REIT Unitholders Vote IN FAVOUR of Proposed Transactions with True North Apartment REIT and Starlight Investments Ltd.

– Northern Property REIT's Board Reminds Unitholders to Vote Blue Proxy IN FAVOUR of Proposed Transactions by 11am MDT October 9, 2015 –

CALGARY, Sept. 29, 2015 /CNW/ - Northern Property Real Estate Investment Trust ("NPR") (TSX:NPR:UN) today announced that Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis & Co. ("Glass Lewis") have both recommended that NPR unitholders vote IN FAVOUR of the proposed transactions with True North Apartment Real Estate Investment Trust ("True North") and Starlight Investments Ltd. ("Starlight"), leading to the creation of Northview Apartment Real Estate Investment Trust ("Northview"). Both ISS and Glass Lewis have also issued reports recommending that True North unitholders vote IN FAVOUR of the transaction with NPR and Starlight. Full transaction details are available at www.northviewreit.com.

ISS and Glass Lewis are the two leading independent international corporate governance analysis and proxy advisory firms. Both firms make their recommendations after carefully considering what is in the best interests of unitholders, and assist unitholders in making voting choices regarding proxy voting decisions.

In making its recommendation that NPR unitholders vote IN FAVOUR of the proposed transactions, ISS states that:

"...the strategic rationale behind the transaction appears justified as the transaction is expected to help diversify NPR's portfolio of assets given that NPR's current portfolio is highly correlated with the oil price which has tumbled significantly since last year and is still subject to ongoing uncertainty. In addition, the acquired assets which are principally located in Central and Eastern Canada appear to be more stable with an occupancy rate of approximately 96.3% for True North Portfolio and 95.9% for Institutional Portfolio, respectively, both of which are higher than the occupancy rate of 89.9% of the current NPR portfolio. On balance, upon review, the long-term strategic merits behind the deal appear to outweigh the cost associated with the acquisition, and thus a vote FOR this resolution is warranted."

Glass Lewis, in making its recommendation that NPR unitholders vote IN FAVOUR of the proposed transactions, states that:

"We see no reason to doubt the board's strategic rationale for the proposed transaction, which appears fairly transparent and straightforward, in their view. In conclusion, we find that the proposed transaction is strategically and financially reasonable from the perspective of the Company and its unitholders. The combined company will have greater scale and geographic diversification, a strong financial position and better access to capital markets... Based on these factors and the support of the board, we believe the proposed transaction is in the best interests of the Company and its unitholders. Accordingly, we recommend that unitholders vote FOR this proposal."

Voting Instructions and Unitholder Meeting Information

NPR unitholders are urged to vote their BLUE proxy IN FAVOUR of the proposed transaction resolutions no later than the deadline of 11:00 a.m. Mountain Daylight Time / 1:00 p.m. Eastern Daylight Time on Friday October 9, 2015.  The record date has been set at September 4, 2015.  Further information on voting can be found in the Management Information Circular on SEDAR (www.sedar.com) or at www.northviewreit.com.

For voting inquiries, or assistance with voting, contact NPR's Proxy Solicitor, Kingsdale Shareholder Services, toll-free at 1-877-657-5859 or from outside North America at 416-867-2272 or by email [email protected].

The Unitholder Meeting will be held at the Calgary Marriott Downtown Hotel, 110 9th Avenue SE, Calgary, Alberta at 11:00 a.m. (Mountain Daylight Time) on Wednesday, October 14, 2015.

About Northern Property REIT
NPR is primarily a multi-family residential real estate investor, providing a broad spectrum of rental accommodations across Canada. NPR's residential portfolio is comprised of a multi-family segment: apartments, town homes and single family rental units; and execusuites and hotels where the rental period ranges from a few days to several months. From its inception in May 2002, NPR focused on northern markets with attractive fundamentals, and where it had an existing presence and enjoyed strong market positions. In order to reduce its concentration risk and take advantage of growth opportunities elsewhere, NPR subsequently began expanding geographically by acquiring properties in Newfoundland and Labrador, and in select secondary markets in British Columbia, Alberta, Saskatchewan and Québec. NPR also has a portfolio of commercial buildings focused on government and quality corporate tenancies predominantly located in the Northwest Territories, Nunavut, and Newfoundland and Labrador. NPR is traded on the TSX under the ticker symbol: NPR.UN. Additional information concerning NPR is available at www.sedar.com or the REIT's website at www.npreit.com.

Forward Looking Information

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 closing, costs and benefits of the proposed transactions, population growth, economic growth, occupancy levels, scale, diversification, financial position, access to capital, and other statements that are not historical facts.

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 customary closing conditions not being met, required regulatory, court, and unitholder approvals, risks of unexpected operating results, risks of 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 Circulars and most recent Annual Information Forms available on SEDAR at www.sedar.com.

Readers are cautioned not to place undue importance on forward-looking information. NPR and True North disclaim any intention or obligation to update or revise any forward-looking information, except as required under applicable securities laws.

SOURCE Northern Property Real Estate Investment Trust

Investors: Kingsdale Shareholder Services, Toll-free: 1-877-657-5859, Outside North American: 416-867-2272, Email: [email protected]; Todd Cook, President and Chief Executive Officer, [phone]; Robert Palmer, Chief Financial Officer, [phone]; Media: Joel Shaffer, Longview Communications, [phone]; Trevor Zeck, Longview Communications, [phone]