Northern Property REIT Reminds Unitholders to Vote IN FAVOUR of Proposed Transactions with True North Apartment REIT and Starlight Investments Ltd.

– Voting deadline 11am MDT / 1pm EDT on October 9, 2015 –

CALGARY, Oct. 6, 2015 /CNW/ - Northern Property Real Estate Investment Trust ("NPR")(TSX:NPR:UN) reminds unitholders to vote IN FAVOUR of the proposed transactions with True North Apartment Real Estate Investment Trust ("True North") and Starlight Investments Ltd. ("Starlight") by the voting deadline of 11am MDT / 1pm EDT, October 9, 2015. Details on the transactions, which will culminate in the formation of Northview Apartment Real Estate Investment Trust ("Northview"), along with voting instructions and the anticipated benefits to unitholders, are available at www.northviewreit.com.

Both Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis & Co. ("Glass Lewis") have recommended that NPR unitholders vote IN FAVOUR of the proposed transactions with True North and Starlight. In addition, NPR founders, including former CEO James Britton and former Trustees Don Wilson and Kenn Harper, unanimously support these transactions and will be voting all of their units IN FAVOUR.

"We've continued to see strong support for the proposed transactions over the past few weeks as we've met with investors," said NPR President and Chief Executive Officer, Todd Cook.  "As unitholders of the REIT, we urge you to join NPR's Board of Trustees and Founders in voting to support the proposed transactions and creation of Northview.  We thank those who have already voted their support."

Vote today to build greater value

The transactions with True North and Starlight add approximately 14,000 quality multi-family suites, principally in Central and Eastern Canada, and include the acquisition of True North Apartment REIT.  The formation of Northview REIT accelerates the strategy of diversification and expansion that NPR has successfully employed since inception and positions NPR to create sustainable and growing value to unitholders.  To see why leading third-party proxy advisory firms, ISS and Glass Lewis, recommend that NPR unitholders vote IN FAVOUR of the proposed transactions, see NPR's September 29, 2015 press release accessible at www.sedar.com or www.northviewreit.com.

The proxy voting deadline is fast approaching. Your Board of Trustees urges you to vote your BLUE proxy IN FAVOUR of the Plan of Arrangement, well in advance of the proxy voting deadline of 11:00 a.m. (Mountain Daylight Time) / 1:00 p.m. (Eastern Daylight Time) on Friday October 9, 2015 (or 48 hours prior to any adjournment or postponement of the Meeting).

If you require further information or assistance completing and submitting your proxy, please contact NPR's proxy solicitation agent, Kingsdale Shareholder Services, by calling toll-free 1.877.657.5859 or 416.867.2272 outside of North America or by email at [email protected].

Subject to obtaining all required approvals and satisfying all required conditions, the Contemplated Transactions are expected to close on or about October 31, 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, diversification and expansion, value to unitholders, and other statements that are not historical facts, which are also discussed at www.northviewreit.com.

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 America: 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]