Northern Property REIT Unitholders Overwhelmingly Approve Proposed Transactions with True North Apartment REIT and Starlight Investments Ltd

CALGARY, Oct. 14, 2015 /CNW/ - Northern Property Real Estate Investment Trust ("NPR")(TSX:NPR:UN) today announced that its unitholders overwhelmingly approved the issuance of NPR trust units in connection with the acquisition of all of the assets and properties of True North Apartment Real Estate Investment Trust ("True North") and certain multi-family real estate assets from Starlight Investments Ltd. ("Starlight") and from joint ventures between affiliates of the Public Sector Pension Investment Board and affiliates of Starlight today at a special meeting (the "Meeting"). Unitholders also voted in favour of setting the number of NPR Trustees at nine.

"We appreciate the strong support from our unitholders on the approval of the transactions to create Northview Apartment REIT," said NPR President and Chief Executive Officer, Todd Cook.  "The creation of Northview Apartment REIT continues our strategic direction to build long term value for our unitholders. We look forward to the next steps of integrating the operations and executing on value creation opportunities."

The specific voting results from the Meeting are as follows:

1.	Ordinary resolution to approve the issuance of up to 21,636,506 trust units of NPR in connection with the proposed transactions:
A total of 22,801,362 units were voted, representing 71.79% of the total issued and outstanding NPR voting units.  Of those votes cast, 20,027,355 units, representing 87.83% of the total units voted at the Meeting, were voted IN FAVOUR of this resolution.
2.	Ordinary resolution to set the number of trustees of NPR at nine:
A total of 22,801,362 units were voted, representing 71.79% of the total issued and outstanding NPR voting units.  Of those votes cast, 21,226,853 units, representing 93.09% of the total units voted at the Meeting, were voted IN FAVOUR of this resolution.

True North's unitholders also overwhelmingly approved the proposed transactions at a special meeting held earlier today.

True North intends to seek a final order of the Alberta Court of Queen's Bench to approve the proposed transactions, at a hearing expected to be held on or about October 16, 2015. Subject to obtaining all required approvals and satisfying all required conditions, the proposed transactions are expected to close on or about October 30, 2015.  NPR will officially change its name to Northview Apartment Real Estate Investment Trust at that time. Further details are available at www.northviewreit.com.

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.

About Northview Apartment REIT

Post closing of the transactions, NPR will change its name to Northview Apartment Real Estate Investment Trust. Northview will be Canada's third largest publicly traded multi-family REIT with a portfolio of more than 24,000 quality residential suites in more than 60 markets across eight provinces and two territories. Northview's significant portfolio spans markets characterized by expanding populations, growing economies, high occupancy levels, and rising rents, which will provide Northview the means to deliver stable and growing profitability and cash distributions over time. Northview will be traded on the TSX under the proposed ticker symbol: NVU. Additional information concerning Northview is available at www.sedar.com or www.northviewreit.com.

Forward Looking Information

This press release contains forward looking statements that reflect current expectations of NPR about conditions to closing the proposed transactions being met and the date of closing, and expectations of Northview and the economic and demographic conditions of the markets it operates in, and its profitability and cash distributions over time, 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 and court 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 Management Information Circular 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 disclaims 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, 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]