True North Apartment REIT to acquire apartments from Drimmer in consideration for traditional exchangeable LP units

Subsidiary LPs of True North Apartment REIT are proposing to acquire 29 apartment buildings from entities owned by Daniel Drimmer (who also is its CEO and owns its manager) for consideration including exchangeable LP units, so that the effective interest of Drimmer in the REIT will increase from 18.9% to 41.2%. Unlike Slate Retail REIT, holders of the exchangeable units have direct exchange rights against the REIT itself.

Neal Armstrong. Summary of Circular of True North Apartment REIT under Other – Asset Purchases.