KingSett Acquires Units of Northview Residential REIT

Written by Customer Service on . Posted in Mergers And Acquisitions.

Not for dissemination in the United States

TORONTO, Aug. 22, 2023 (GLOBE NEWSWIRE) — KingSett Real Estate Growth LP No. 7 (“KSLP7”) and KingSett Canadian Real Estate Income Fund LP (“CREIF”), limited partnerships managed by and affiliated with KingSett Capital Inc., KAM Galaxy Fund LP (“KAM”) and NG (No. 1) Limited Partnership (“NG”), limited partnerships whose general partners are controlled by KSLP7, announced that on August 21, 2023, in connection with the completion of the previously announced recapitalization (the “Recapitalization”) of Northview Residential REIT (the “REIT”), CREIF acquired 62,619 Class C Units based on a price of $26.355 per Class C Unit, having an aggregate value of $1,650,324, pursuant to a private agreement, KSLP7 acquired 62,619 Class C Units based on a price of $26.355 per Class C Unit, having an aggregate value of $1,650,324, pursuant to a private agreement, KAM acquired 6,182,695 Class C Units based on a price of $26.355 per Class C Unit, having an aggregate value of $162,944,927, and NG acquired 846,140 Class C Units based on a price of $26.355 per Class C Unit, having an aggregate value of $22,300,020. Pursuant to the third amended and restated declaration of trust governing the REIT (the “Declaration of Trust”), the Class C Units are convertible into Class A Units and Class F Units of the REIT, respectively, on a one-for-one basis.

Upon completion of the Recapitalization: (A) the Class C Units beneficially owned by KSLP7 represented approximately 13.57% of all issued and outstanding Class C Units and would represent (i) approximately 35.68% of all issued and outstanding Class A Units, assuming such Class C Units were converted into Class A Units, and (ii) approximately 47.49% of all issued and outstanding Class F Units, assuming that such Class C Units were converted into Class F Units, in each case, in accordance with the Declaration of Trust; (B) the Class C Units beneficially owned by CREIF represented approximately 13.57% of all issued and outstanding Class C Units and would represent (i) approximately 35.68% of all issued and outstanding Class A Units, assuming such Class C Units were converted into Class A Units, and (ii) approximately 47.49% of all issued and outstanding Class F Units, assuming such Class C Units were converted into Class F Units, in each case, in accordance with the Declaration of Trust; (C) the Class C Units beneficially owned by KAM represented approximately 42.01% of all issued and outstanding Class C Units and would represent (i) approximately 63.20% of all issued and outstanding Class A Units, assuming such Class C Units were converted into Class A Units, and (ii) approximately 73.68% of all issued and outstanding Class F Units, assuming such Class C Units were converted into Class F Units, in each case, in accordance with the Declaration of Trust; and (D) the Class C Units beneficially owned by NG represented approximately 5.75% of all issued and outstanding Class C Units and would represent (i) approximately 19.03% of all issued and outstanding Class A Units, assuming such Class C Units were converted into Class A Units , and (ii) approximately 27.7% of all issued and outstanding Class F Units, assuming such Class C Units were converted into Class F Units, in each case, in accordance with the Declaration of Trust.

KSLP7, CREIF, KAM and NG, respectively, acquired the Class C Units for investment purposes. KSLP7, CREIF, KAM and NG, respectively, may acquire additional trust units of the REIT (“Units”) or may dispose of any or all of the Units beneficially owned by each of KSLP7, CREIF, KAM and NG, respectively, from time to time through, among other things, the purchase or sale of Units on the open market or in private transactions or otherwise, on such terms and at such times as each of KSLP7, CREIF, KAM and NG, respectively, may deem advisable depending upon its ongoing evaluation of the Units, the REIT, prevailing market conditions, the availability of units at prices that would make the purchase or sale of Units desirable, other investment opportunities, investment strategies, and/or liquidity requirements of KSLP7, CREIF, KAM or NG, respectively, and other considerations.

For further information and to obtain a copy of the early warning report filed under applicable Canadian securities laws, please see the REIT’s profile on SEDAR+ at www.sedarplus.ca.

Contact Information:

KSLP7 / CREIF / KAM
Scotia Plaza, 40 King Street West
Suite 3700, PO Box 110
Toronto, Ontario M5H 3Y2
(416) 687-6700
Attention: David Vernon, Chief Legal Officer

NG
360 Main Street
30th Floor
Winnipeg, MB R3C 4G1
(416) 687-6700
Attention: David Vernon, Chief Legal Officer

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