Northern Property Real Estate Investment Trust acquires True North assets 

 

October 30, 2015

On October 30, 2015, Alberta-based, Northern Property Real Estate Investment Trust (NPR) completed the acquisition of all the assets and properties of True North Apartment Real Estate Investment Trust (True North) and completed the acquisition of multi-family real estate assets Starlight Investments Ltd. (Starlight), its affiliates, and from joint ventures between affiliates of Public Sector Pension Investment Board (PSP Investments) and affiliates of Starlight (the JV). Concurrent with the acquisition of True North, NRP changed its name to Northview Apartment Real Estate Investment Trust (Northview).

The acquisition of the Starlight portfolio and the JV portfolio was completed in cash for the aggregate purchase price of $535 million, which was financed in part through a $325 million dollar syndicated credit facility and a $25 million dollar short term loan provided by a syndicate of lenders.

McMillan acted for the agent of the syndicate and acted for the lenders in connection with the financing, with a team comprising of Robert Antenore, Fred Gjoka and Ciaron Czajkowski.