Northern Property REIT announced it has completed transactions involving the acquisition of all of the assets of True North Apartment REIT and certain multi-family real estate assets from affiliates of Starlight Investments Ltd., as well as from joint ventures between affiliates of Public Sector Pension Investment Board and affiliates of Starlight. Northern Property and True North unitholders both approved the proposed transactions at special meetings held on October 14, 2015.
In connection with the closing of the transactions, Northern Property REIT has changed its name to Northview Apartment Real Estate Investment Trust. It is expected that the trust units of Northern Property will continue to trade under the trading symbol “NPR.UN” on the Toronto Stock Exchange under the existing name and CUSIP number until approximately two business days from the date of the TSX bulletin announcing the change.
On or about November 4, 2015, Northview will commence trading on the TSX under the symbol “NVU.UN”. Northview will continue to qualify as a real estate investment trust for tax purposes. Northview’s fourth quarter 2015 financial results will reflect the newly acquired assets for the first time.
“The creation of Northview, Canada’s third largest multi-family REIT with a national platform, is a vital step in our strategic direction, and positions Northview to continue the sustainable growth and value creation that our unitholders have come to expect,” said Northview President and Chief Executive Officer, Todd Cook. “We are now focused on ensuring a smooth and efficient integration of the new portfolios and operations, and look forward to executing on our value creation strategy.”
“We thank unitholders for their support of True North over the past three years,” said True North President and Chief Executive Officer, Leslie Veiner. “I look forward to commencing my new role as Chief Operating Officer of Northview; a larger, stronger entity that is well positioned for the future.”