Northview Residential REIT Announces Closing of Previously Announced Recapitalization Transaction, Including the Acquisition of Three Portfolios for $742 Million

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CALGARY, Alberta, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Northview Residential REIT (“Northview” or the “REIT”) (TSX: NHF.UN) today announced that it had completed its unitholder approved recapitalization transaction, including the acquisition of three multi-family portfolios comprising 20 properties for an aggregate purchase price of approximately $742 million (the “Transaction”). As a result of the Transaction, the existing Class C units (“Class C Units”) and Class F Units (“Class F Units”) were subdivided by their exchange ratios and the exchange ratios were amended such that Class C Units and Class F Units are now exchangeable on a 1:1 basis for the REIT’s listed Class A units (“Class A Units”). Effective upon closing of the Transaction, the REIT’s name was changed from Northview Fund to Northview Residential REIT.

Immediately following the closing of the Transaction, each of the REIT’s classes of trust units were consolidated on 1.75 to 1 basis (the “Consolidation”). The REIT’s transfer agent will mail letters of transmittal to registered unitholders to facilitate the consolidation.

Effective opening of trading on August 23, 2023, the Class A Units are expected to trade on an as-consolidated basis under the new ticker symbol “NRR.UN”.

CAUTIONARY AND FORWARD-LOOKING STATEMENTS

Certain information contained in this news release constitutes forward-looking information within the meaning of applicable securities laws, including the timing for mailing of letters of transmittal and the trading of the Class A Units under the new ticker symbol. Statements that reflect REIT’s objectives, plans, goals, and strategies are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking information. In some instances, forward-looking information can be identified by the use of terms such as “may”, “should”, “expect”, “will”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potentially”, “starting”, “beginning”, “begun”, “moving”, “continue”, or other similar expressions concerning matters that are not historical facts. Forward-looking information in this news release includes, but is not limited to, statements related to the expected timing for trading under the REIT’s new ticker symbol. Such statements involve significant risks and uncertainties and are not meant to provide guarantees of future performance or results. These cautionary statements qualify for all of the statements and information contained in this news release incorporating forward-looking information.