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

TORONTO, June 27, 2014 /CNW/ – Daniel Drimmer announced today that as part of the purchase price paid by True North Apartment Real Estate Investment Trust (the “REIT”) in connection with the acquisition (the “Acquisition”) by the REIT of a portfolio of 29 properties located in Ontario and Alberta, he acquired beneficial ownership, through D.D. Acquisitions Partnership, Mustang DDAP Partnership, Green-Starlight LP, Yellow-Starlight LP and Red-Starlight LP, of 4,696,900 class B limited partnership units (“Class B LP Units”) of TN4 Limited Partnership and 4,193,567 Class B LP Units of TN6 Limited Partnership (collectively, the “New Partnerships”), each a limited partnership now controlled by the REIT. The Class B LP Units of the New Partnerships are accompanied by 8,890,467 special voting units of the REIT. The deemed issuance price was $9.00 per Class B LP Unit. Each Class B LP Unit is exchangeable for one trust unit of the REIT (each, a “Unit”).

Daniel Drimmer, together with D.D. Acquisitions Partnership, Drimmer Holdings Ltd., Mustang-Master LP, Mustang DDAP Partnership, PD Kanco LP, Green-Starlight LP, Yellow-Starlight LP, Red-Starlight LP, TransGlobe Pool 2A Ltd., TransGlobe Pool 2B Ltd., TransGlobe Pool 2C Ltd., TransGlobe Pool 2D Ltd., TransGlobe Pool 2E Ltd. and TransGlobe Pool 2F Ltd., are collectively the “Offeror”.

Prior to the Acquisition and related issuance of Class B LP Units of the New Partnerships, the Offeror beneficially owned 4,562,391 Units (including an aggregate of 3,655,717 Units that may be acquired upon (i) the exercise of 157,917 options (“Options”) to purchase Units pursuant to the REIT’s amended and restated unit option plan adopted with effect from May 28, 2013 and (ii) the exchange of 3,497,800 Class B LP Units, representing 74.88% of the Class B LP Units then outstanding, comprised of the following number of Class B LP Units of limited partnerships controlled by the REIT: (A) 687,499 Class B LP Units of True North Limited Partnership; (B) 1,405,151 Class B LP Units of Blue-Starlight LP; and (C) 1,405,150 Class B LP Units of Rocky (2013) Limited Partnership, which are accompanied by an aggregate of 3,497,800 special voting units of the REIT) representing approximately 19.35% of the outstanding Units (based on: (a) 18,754,789 Units stated to be outstanding as of June 27, 2014 in the REIT’s press release dated June 27, 2014, (b) the exchange of all outstanding Class B LP Units of the REIT’s subsidiary limited partnerships for Units on a one-for-one basis and (c) the exercise of 157,917 Options held by Daniel Drimmer).

After giving effect to the Acquisition, the Offeror beneficially owns 13,452,858 Units (including an aggregate of 12,546,184 Units that may be acquired upon (i) the exercise of 157,917 Options and (ii) the exchange of 12,388,267 Class B LP Units, representing 91.35% of the Class B LP Units then outstanding, comprised of the following number of Class B LP Units of limited partnerships controlled by the REIT: (A) 687,499 Class B LP Units of True North Limited Partnership; (B) 1,405,151 Class B LP Units of Blue-Starlight LP; (C) 1,405,150 Class B LP Units of Rocky (2013) Limited Partnership; (D) 4,696,900 Class B LP Units of TN4 Limited Partnership; and (E) 4,193,567 Class B LP Units of TN 6 Limited Partnership, which are accompanied by an aggregate of 12,388,267 special voting units of the REIT) representing approximately 41.43% of the outstanding Units (based on: (a) 18,754,789 Units stated to be outstanding as of June 27, 2014 in the REIT’s press release dated June 27, 2014, (b) the exchange of all outstanding Class B LP Units of the REIT’s subsidiary limited partnerships for Units on a one-for-one basis and (c) the exercise of 157,917 Options held by Daniel Drimmer).

The Class B LP Units of the New Partnerships were acquired for investment purposes. 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 (416) 234-8444.

SOURCE Daniel Drimmer