Northview Apartment REIT Announces Unitholder Approval of Arrangement and Voting Results From 2020 Annual General and Special Meeting

Deadline for electing the form of consideration is Friday June 5, 2020 at 3:00 pm (Mountain Time)

CALGARY, Alberta, May 25, 2020 (GLOBE NEWSWIRE) -- Northview Apartment Real Estate Investment Trust (“Northview”) (TSX:NVU.UN) announced today that its holders (“Unitholders”) of Trust Units and Special Voting Units (“Units”) have voted overwhelmingly to approve 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”).

Election and Transaction Update

The deadline for Unitholders to elect the form of consideration under the Transaction, including to receive units of a new high-yield multi-residential fund is Friday, June 5, 2020 at 3:00 pm (Mountain Time). This deadline was extended to ensure Unitholders have enough time to adequately review materials. Unitholders seeking to elect to receive units of the Fund should contact their broker, investment advisor or other intermediary through which they hold their Units to ensure that their election is received prior to the election deadline.

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.

Report on Voting Results

Transaction

A total of 38,558,226 Units were represented at the Unitholder meeting (the “Meeting”), being 55.75% of Northview’s issued and outstanding Units. The resolution approving the Transaction (the “Arrangement Resolution”) was required to be passed by: (i) the affirmative vote of at least two-thirds (66 2/3%) of the votes cast by Unitholders, voting as a single class, present in person or represented by proxy at the Meeting and entitled to vote, and (ii) a simple majority of the votes cast by disinterested Unitholders, voting as a single class, present in person or represented by proxy at the Meeting excluding for this purpose the votes attached to Units held by Starlight and its affiliates. The detailed results of voting on the Arrangement Resolution are provided below: