Northview Apartment REIT Sale to Starlight and KingSett to Close the Week of November 2, 2020

$4.8 Billion Transaction Announced in February 2020 Will See Unitholders Receive Consideration of $36.25 Per Unit

CALGARY, Alberta, Sept. 29, 2020 (GLOBE NEWSWIRE) -- Northview Apartment Real Estate Investment Trust (“Northview”) (TSX: NVU.UN) today announced that its previously disclosed plan of arrangement with affiliates of Starlight Group Property Holdings Inc. (“Starlight”) and KingSett Capital Inc. (“KingSett”) (collectively, the “Purchasers”), pursuant to which the Purchasers will acquire Northview and unitholders will receive consideration of $36.25 per Northview trust unit (the “Transaction”), is scheduled to close the week of November 2, 2020.

The Purchasers have waived material closing conditions, including consents from Canada Mortgage Housing Corporation and lenders. Northview has suspended its October distribution payable to unitholders, making the September 2020 distribution in the amount of $0.1358 per trust unit – payable on October 15, 2020 to holders of trust units of record at September 30, 2020 – the final regular monthly distribution.

CORPORATE PROFILE

Northview is one of Canada's largest publicly traded multi-family REITs with a portfolio of approximately 27,000 residential suites and 1.2 million square feet of commercial space in more than 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.

CAUTIONARY AND FORWARD-LOOKING STATEMENTS

Certain statements in this news release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements generally can be identified by the use of terms and phrases such as “scheduled”. Some of the specific forward-looking statements in this news release include, but are not limited to, statements with respect to the Transaction and the terms thereof; the expected date of completion of the Transaction; the anticipated benefits of the Transaction to unitholders; and the payment of monthly distributions prior to closing. There can be no assurance that the proposed Transaction will be completed or that it will be completed on the terms and conditions contemplated in this news release. The proposed Transaction could be modified, restructured or terminated in accordance with its terms.