True North Apartment Real Estate Investment Trust

/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/

TORONTO, Oct. 1, 2012 /CNW/ - Daniel Drimmer announced today that in connection with the acquisition (the "Acquisition") by True North Apartment Real Estate Investment Trust (the "REIT") today of a portfolio of 26 properties located in Ontario, New Brunswick and Nova Scotia, as part of the purchase price paid by the REIT, affiliates of Mr. Drimmer acquired beneficial ownership of, and control or direction over 3,512,878 Class B limited partnership units ("Class B LP Units") of Blue-Starlight LP, a limited partnership now controlled by the REIT. The deemed issuance price was $4.27 per Class B LP Unit. The 3,512,878 Class B LP Units are accompanied by 3,512,878 special voting units of the REIT. Each Class B LP Unit is exchangeable for one unit ("REIT Unit") of the REIT. The 3,512,878 Class B LP Units represent approximately 9.4% of the outstanding REIT Units (after giving effect to the exchange of all outstanding Class B LP Units for REIT Units on a one-for-one basis).

Prior to the Acquisition, the related issuance of Class B LP Units and the issuance of 13,466,500 REIT Units by the REIT in connection with the conversion of outstanding subscription receipts today by the REIT, affiliates of Mr. Drimmer beneficially owned, and had control and direction over 1,988,858 REIT Units or 9.8% of the REIT Units (after giving effect to the exchange of all outstanding Class B limited partnership units of True North Limited Partnership, on a one for one basis).

As of the date hereof, affiliates of Mr. Drimmer have beneficial ownership of, or control, or direction over 5,501,735 REIT Units or 14.8% of the REIT Units (after giving effect to the exchange of all class B limited partnership units on a one for one basis).

Mr. Drimmer may from time to time acquire additional securities of the REIT and its controlled entities (whether pursuant to property acquisition transactions or otherwise), dispose of some or all of the securities of any such entity or maintain his current securities position in the entity.

This press release is being issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under the REIT's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters.  A copy of such report may be obtained by contacting Daniel Drimmer at [phone].

The name and address of the offeror filing the report is:

Daniel Drimmer
401 The West Mall
Suite 1100
Toronto, ON  M9C 5J5

SOURCE: True North Apartment Real Estate Investment Trust

Daniel Drimmer 
[phone]