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    Northview Apartment REIT Announces Unitholder Election Results for Transaction Consideration

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    CALGARY, Alberta, June 15, 2020 (GLOBE NEWSWIRE) -- Northview Apartment Real Estate Investment Trust (“Northview”) (TSX:NVU.UN) announced today that holders (“Unitholders”) of its Trust Units and Special Voting Units (“Units”) have elected to receive an aggregate of 5,358,351 Class C Units of the Northview Canadian High Yield Residential Fund (“High Yield Fund Units”) as consideration under the proposed plan of arrangement pursuant to which Northview will be acquired by affiliates of Starlight Group Property Holdings Inc. (“Starlight”) and KingSett Capital Inc. (“KingSett”, and collectively, the “Purchasers”) for consideration of $36.25 per Northview Trust Unit (the “Transaction”).  This represents a total aggregate value of $66.979 million of the consideration in the Transaction being elected to be received in High Yield Fund Units, including the election of Starlight to receive 2,402,430 High Yield Fund Units. 

    All Unitholders who elected on or prior to the June 5, 2020 deadline to receive greater than 0.5655 High Yield Fund Units on a tax-deferred basis will receive the full number of elected High Yield Fund Units without proration.

    Unitholders who did not file an election on or prior to the June 5, 2020 deadline are deemed to have elected to receive all cash consideration for their Units.

    Management continues to work closely with its advisors and the Purchasers to complete the Transaction. The Transaction is expected to close in the third quarter of 2020. The primary factor which will influence the timing of the closing of the Transaction is the Purchasers obtaining consents from CMHC and certain of Northview’s lenders. For additional details regarding the Transaction, see Northview’s management information circular for the Transaction, available under Northview’s profile on SEDAR at www.sedar.com.

    CAUTIONARY AND FORWARD-LOOKING STATEMENTS

    This media release contains forward-looking statements including, but not limited to, statements relating to the expected completion of the Transaction and timing thereof. These statements are not guarantees of future events and will not necessarily be accurate indications of whether, or the times at which, such events will occur. 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 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 that are inherent in the nature of the Transaction, including failure to satisfy the conditions to the completion of the Transaction and the failure of not obtaining the required lender and CMHC consents and approvals for the Transaction (or to do so in a timely manner). The anticipated timeline for completion of the Transaction may change for a number of reasons, including the inability to secure necessary consents and approvals in the time assumed or the need for additional time to satisfy the conditions to the completion of the Transaction. A comprehensive discussion of other risk factors that impact Northview are more particularly described in Northview’s most recent Annual Information Form available on SEDAR at www.sedar.com. Additional risks and uncertainties not presently known to Northview or that Northview currently believes to be less significant may also adversely affect Northview. Readers are cautioned that the above list of factors is not exhaustive and that should certain risks or uncertainties materialize, or should underlying estimates or assumptions prove incorrect, actual events may vary significantly from those expected. There can be no assurance that the actual events or activities anticipated by Northview will be realized or, even if substantially realized, that they will have the expected consequences to, or effect on, Northview. Readers, therefore, should not place undue importance on forward-looking information. Further, forward-looking statements speak only as of the date on which such statements are made. Northview disclaims 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.

    CORPORATE PROFILE

    Northview is one of Canada's largest publicly traded multi-family REITs with a portfolio of approximately 27,000 residential units and 1.2 million square feet of commercial space in over 60 markets across eight provinces and two territories. Northview's well-diversified portfolio includes markets characterized by expanding populations and growing economies, which provides Northview the means to deliver stable and growing profitability and distributions to Unitholders of Northview over time. Northview currently trades on the TSX under the ticker symbol: NVU.UN. Additional information concerning Northview is available at www.sedar.com or www.northviewreit.com.

    INVESTORS

    Northview Apartment Real Estate Investment Trust

    Mr. Todd Cook
    President and Chief Executive Officer
    (403) 531-0720

    Mr. Travis Beatty
    Chief Financial Officer
    (403) 531-0720

    Mr. Leslie Veiner
    Chief Operating Officer
    (403) 531-0720

    MEDIA

    Longview Communications & Public Affairs

    Mr. Joel Shaffer
    (416) 649-8006
    nvu@longviewcomms.ca