CALGARY, Alberta, Sept. 29, 2020 (GLOBE NEWSWIRE) — Northview Apartment Real Estate Investment Trust (âNorthviewâ) (TSX: NVU.UN) today announced that its previously disclosed plan of arrangement with affiliates of Starlight Group Property Holdings Inc. (âStarlightâ) and KingSett Capital Inc. (âKingSettâ) (collectively, the âPurchasersâ), pursuant to which the Purchasers will acquire Northview and unitholders will receive consideration of $36.25 per Northview trust unit (the âTransactionâ), 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 â payable on October 15, 2020 to holders of trust units of record at September 30, 2020 â the final regular monthly distribution.
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 âscheduledâ. 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.
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, performance and results. Such assumptions include, without limitation, expectations and assumptions concerning the anticipated benefits of the Transaction to unitholders and the availability of cash flow from operations to meet monthly distributions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond Northviewâs control, which may cause actual events, results or performance to be materially different from the events, results, or performance expressed in such forward-looking statements. Such risks and uncertainties include, but are not limited to, general economic, market and business conditions in Canada and globally, governmental and regulatory requirements and actions by governmental authorities, risks associated with investment in and development of multi-family and commercial real estate, competition in the real estate industry, financing and refinancing risks, changes in economic conditions, changes in interest rates, changes in taxation rules, reliance on key personnel and potential diversion of management time on the Transaction, environmental matters, tenant risks, fluctuations in commodity prices and other risk factors more particularly described in Northviewâs most recent Annual Information Form available on SEDAR at www.sedar.com. The anticipated timeline for completion of the Transaction may change for a number of reasons, including third party litigation or the need for additional time to satisfy the conditions to the completion of the Transaction. 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 not to place undue importance on forward-looking statements. Northview disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Northview Apartment Real Estate Investment Trust
Mr. Todd Cook
President and Chief Executive Officer
Mr. Travis Beatty
Chief Financial Officer
Mr. Leslie Veiner
Chief Operating Officer
Longview Communications & Public Affairs
Mr. Joel Shaffer