NOVA NET LEASE REIT ANNOUNCES CLOSING OF OVER-ALLOTMENT OPTION

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

TORONTO, Jan. 31, 2022 /CNW/ - Nova Net Lease REIT ("NOVA" or the "REIT") (CSE: NNL.U) is pleased to announce that, further to its recently completed initial public offering of trust units (the "Units") of the REIT (the "Offering"), the over-allotment option granted to the Agents (as defined below) to purchase up to an additional 15% of the Offered Units at the Offering Price (each as defined below) was partially exercised (the "Over-Allotment Option"). 240,322 Units were issued pursuant to the Over-Allotment Option, raising additional gross proceeds to the REIT of approximately US$300,000.

Pursuant to the Offering, the REIT previously issued 3,167,478 Units (the "Offered Units") at a price of US$1.25 per Unit (the "Offering Price") for gross proceeds to the REIT of approximately US$4.0 million.

The Units began trading on the Canadian Securities Exchange on January 4, 2022 under the symbol "NNL.U".

Following the closing of the Over-Allotment Option, there are 6,815,493 Units issued and outstanding.

The Offering was completed by a syndicate of agents led by Canaccord Genuity Corp., and including Echelon Wealth Partners Inc. and Haywood Securities Inc. (collectively, the "Agents").

No securities regulatory authority has either approved or disapproved the contents of this news release. The Units have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act"), as amended, or any state securities laws, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the U.S. Securities Act, as amended) except pursuant to certain exemptions from the registrations requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States or to, or for the account or benefit of, U.S. persons.

SOURCE Nova Net Lease REIT

please contact: Richard Michaeloff, Chief Executive Officer, Nova Net Lease REIT, Tel: [phone]