True North Apartment Real Estate Investment Trust announces approval of listing on the Toronto Stock Exchange and a 2.5 to 1 unit consolidation

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

TORONTO, May 1, 2013 /CNW/ - True North Apartment Real Estate Investment Trust (the "REIT") (TSXV: TN.UN) is pleased to announce that the Toronto Stock Exchange ("TSX") has approved the listing of the REIT's trust units (the "Units"). It is expected that the Units will commence trading on the TSX under the symbol "TN.UN" on May 3, 2013, at which time the Units will be de-listed from, and cease trading on, the TSX Venture Exchange.

Leslie Veiner, the Chief Executive Officer of the REIT said: "The graduation of the REIT to the TSX, just 11 months from listing on the TSX Venture Exchange, is an important milestone for us as we continue to execute on our business plan and enhance unitholder value. Since its listing on the TSX Venture Exchange, the REIT has acquired 54 residential properties and raised over $172 million through three bought-deal public offerings, demonstrating the strength of its business model. The listing of the Units on the TSX should provide additional liquidity to our unitholders."

Contemporaneously with the listing on the TSX, the Units and special voting units of the REIT (collectively, the "Voting Units") shall be consolidated on the basis of one (1) post-consolidation Voting Unit for two and one half (2.5) pre-consolidation Voting Units. The exercise price and number of Units issuable upon the exercise of the outstanding options of the REIT, as well as the number of outstanding class B limited partnership units of subsidiary partnerships of the REIT will each be proportionally adjusted with the implementation of the consolidation.

Letters of transmittal providing for the exchange of certificates representing pre-consolidation Units for certificates representing post-consolidation Units will be delivered to unitholders holding such physical certificates.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the United States absent registration or pursuant to applicable exemption from registration.

Forward-looking Statements

Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information may relate to the REIT's future outlook and anticipated events, including the listing and commencement of trading of the Units on the TSX, and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving the REIT. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for the REIT or the real estate industry are forward-looking statements. In some cases, forward-looking information can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.

Forward-looking statements necessarily involve known and unknown risks and uncertainties, that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond the REIT's control, affect the operations, performance and results of the REIT and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to, the risks discussed in the REIT's materials filed with Canadian securities regulatory authorities from time to time on www.sedar.com. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements as there can be no assurance that actual results will be consistent with such forward-looking statements.

Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, including the listing of the Units on the TSX, as well as other considerations that are believed to be appropriate in the circumstances, including the following: the Canadian economy will remain stable over the next 12 months; inflation will remain relatively low; interest rates will remain stable; conditions within the real estate market, including competition for acquisitions, will be consistent with the current climate; the Canadian capital markets will continue to provide the REIT with access to equity and/or debt at reasonable rates when required; Starlight Investments Ltd. will continue its involvement as asset manager of the REIT in accordance with its current asset management agreement; and the risks identified or referenced above, collectively, will not have a material impact on the REIT. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

The forward-looking statements made in this press release are dated, and relate only to events or information, as of the date of this press release. Except as specifically required by law, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

About the REIT

The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario.

The REIT focuses on a long-term strategy to generate stable cash distributions on a tax-efficient basis for unitholders. The REIT intends to actively look for opportunities to expand its asset base and increase its distributable cash flow through acquisitions of additional multi-suite residential rental properties across Canada, the United States and other jurisdictions where opportunities may arise. Additional information concerning the REIT is available at www.sedar.com.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: True North Apartment Real Estate Investment Trust

Leslie Veiner
Chief Executive Officer
[phone]

Martin Liddell
Chief Financial Officer
[phone]