/NOT FOR DISTRIBUTION IN THE U.S. OR OVER
U.S. NEWSWIRES/
"This news release constitutes a "designated news release" for
the purposes of the REIT's prospectus supplement dated April 21, 2022 to its short form base shelf
prospectus dated February 17,
2022."
TORONTO, Nov. 23,
2023 /CNW/ - True North Commercial Real Estate
Investment Trust (TSX: TNT.UN) (the "REIT") today announced,
that further to its press release dated November 13, 2023, it has completed the
consolidation ("Consolidation") of its trust units
("Units"), the special voting units of the REIT, and the
class B limited partnership units ("Class B LP Units") of
True North Commercial Limited Partnership on the basis of 5.75:1.
At the opening of the Toronto Stock Exchange on November 24, 2023, the Units will continue
trading under the existing ticker symbol "TNT.UN" with a new CUSIP:
89784Y407.
As at the date hereof, and following the Consolidation there are
16,003,513 Units and 420,887 Class B LP Units issued and
outstanding. Immediately prior to the Consolidation, the REIT had
92,020,251 Units and 2,420,164 Class B LP Units issued and
outstanding. No fractional Units or Class B LP Units were issued in
connection with the Consolidation and no cash will be paid in lieu
of fractional post-consolidation Units or Class B LP Units. In the
event that a registered unitholder would otherwise be entitled to
receive a fractional Unit or Class B LP Unit upon the
Consolidation, such fraction was rounded down to the nearest whole
number.
A letter of transmittal has been mailed to registered
unitholders. The letter of transmittal contains instructions on how
registered unitholders can exchange their unit certificates
evidencing their pre-Consolidation Units and Class B LP Units for
new certificates representing the number of post-Consolidation
Units and Class B LP Units to which they are entitled.
Beneficial unitholders holding their Units or Class B LP Units
through a brokerage may be subject to different procedures for
obtaining their post-Consolidation Units or Class B LP Units. If
unitholders have any questions in this regard, they are encouraged
to contact their respective brokerage or intermediary.
About the REIT
The REIT is an unincorporated, open-ended real estate investment
trust established under the laws of the Province of Ontario. The REIT currently owns and operates
a portfolio of 44 commercial properties consisting of approximately
4.8 million square feet in urban and select strategic secondary
markets across Canada focusing on
long term leases with government and credit rated tenants.
The REIT is focused on growing its portfolio principally through
acquisitions across Canada and
such other jurisdictions where opportunities exist. Additional
information concerning the REIT is available at
www.sedarplus.ca or the REIT's website at
www.truenorthreit.com.
SOURCE True North Commercial Real Estate Investment Trust