True North Apartment REIT Reminds Unitholders to Vote IN FAVOUR of Proposed Plan of Arrangement with Northern Property REIT

– Voting deadline 12pm EDT on October 9, 2015 –

TORONTO, Oct. 6, 2015 /CNW/ - True North Apartment Real Estate Investment Trust ("True North") (TSX:TN.UN,TN.DB) reminds unitholders to vote IN FAVOUR of the proposed plan of arrangement (the "Plan of Arrangement") with Northern Property Real Estate Investment Trust ("NPR") by the voting deadline of 12pm EDT, October 9, 2015.  Details on the Plan of Arrangement, 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 True North unitholders vote IN FAVOUR of the proposed Plan of Arrangement with NPR.

"We appreciate the strong unitholder support we have seen thus far, and encourage those who haven't yet voted to please join True North's Board and vote in support of the Plan of Arrangement and creation of Northview," said True North President and Chief Executive Officer, Leslie Veiner.  "We firmly believe that this transaction will achieve our long-term goal of significantly increasing True North's scale, and at the same time improve the REIT's financial position."

Vote today to build greater value

This strategic transaction will result in an excellent outcome for True North unitholders, and will provide them with an opportunity to participate in the creation of a significantly larger, financially stronger entity that should be well positioned to deliver sustainable and growing distributions to unitholders over time. To see why leading third-party proxy advisory firms, ISS and Glass Lewis, recommend that True North unitholders vote IN FAVOUR of the proposed Plan of Arrangement, see True North's September 29, 2015 press release accessible at www.sedar.com or www.northviewreit.com.

The proxy voting deadline is fast approaching. True North's Board of Trustees urges you to vote your proxy or voting instruction form IN FAVOUR of the special resolution approving the Plan of Arrangement, well in advance of the proxy voting deadline of 10:00 a.m. (Mountain Daylight Time) / 12:00 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 True North's proxy solicitation agent, Kingsdale Shareholder Services, by calling toll-free 1.877.659.1819 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 transaction is expected to close on or about October 31, 2015.

About True North Apartment REIT

True North is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. True North focuses on a long-term strategy to generate stable cash distributions on a tax- efficient basis for unitholders. The REIT actively looks 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. True North trust units are traded on the TSX under the ticker symbol: TN.UN. The True North convertible unsecured subordinated debentures are traded on the TSX under the ticker symbol TN.DB. Additional information concerning True North is available on SEDAR at www.sedar.com or at its website at www.truenorthreit.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 anticipated benefits of the proposed Plan of Arrangement and other statements that are not historical facts.

The timing and completion of the Plan of Arrangement is subject to customary closing conditions, termination rights and other risks and uncertainties including, without limitation, required regulatory, court, and unitholder approvals. Accordingly, there can be no assurance that the Plan of Arrangement will occur, or that it will occur on the timetable or on the terms and conditions contemplated in this news release. The Plan of Arrangement could be modified, restructured or terminated.

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 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 as well as the most recent annual information forms of NPR and True North available on SEDAR at www.sedar.com. Additional risks and uncertainties not presently known to NPR and True North may also adversely affect NPR and True North.

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, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

SOURCE True North Apartment Real Estate Investment Trust

Investors: Kingsdale Shareholder Services, Toll-free: 1-877-659-1819, Outside of North America: 416-867-2272, Email: [email protected]; Leslie Veiner, President and Chief Executive Officer, [phone]; Martin Liddell, Chief Financial Officer, [phone]; Media: Joel Shaffer, Longview Communications, [phone], Trevor Zeck, Longview Communications, [phone]