Monday, December 5 2022

WINNIPEG, MB, March 28, 2022 /CNW/ – Marwest Apartment Real Estate Investment Trust (“Marwest Apartment REIT“or the”REITs“) (TSXV: MAR.UN) announces that it has filed a notice of intention to make a normal course issuer bid (“ORCN“) with the TSX Venture Exchange (the “TSXV“), which will allow the REIT to purchase outstanding Trust Units of the REIT (“Units“). The implementation of the tender offer remains subject to the approval of the TSXV.

The REIT intends to implement the issuer bid because it believes that, from time to time, the market price of the Units may not fully reflect the underlying value of the REIT’s business and its prospects. of future. Accordingly, the REIT believes that having the ability to purchase the Units will be in the best interests of the REIT and represents an opportunity to enhance Unitholder value.

Pursuant to the issuer bid, if approved by the TSX Venture Exchange, the REIT may acquire up to an aggregate of 787,956 Units during the 12-month period commencing March 31, 2022 and ending on March 30, 2023representing approximately 10.0% of the “public float” (calculated in accordance with the policies of the TSXV) at March 31, 2022. In addition, under the terms of the issuer bid, the REIT may not acquire more than 2% of the issued and outstanding units during a 30-day period. Purchases subject to the issuer bid will be made in open market transactions through the facilities of the TSXV and alternative trading systems or through any other means permitted under securities laws. securities applicable during the term of the tender offer at the prevailing market price of the Units at the time of purchase. All Units purchased by the REIT pursuant to the issuer bid will be delivered in cash and cancelled. The actual number of Units that may be purchased under the issuer bid and the timing of any purchase will be determined by management and the Board of Trustees of the REIT. The issuer bid will be made through Canaccord Genuity Corp. (“Canaccord”), a member of the TSXV, and conducted in accordance with the policies of the TSXV. Funding for any purchases under the Issuer Bid will come from the working capital of the REIT.

In connection with the issuer bid, the REIT has entered into an automatic unit purchase plan (“AUPP”) with Canaccord as designated broker. The AUPP provides a set of standard instructions to Canaccord to make purchases under the tender offer in accordance with the limits and other conditions set forth in the AUPP. Canaccord will determine the timing of such purchases in its sole discretion based on the purchase parameters established by Marwest Apartment REIT and subject to the policies of the TSXV, applicable securities laws and the terms of the PPAU.

To the knowledge of Marwest Apartment REIT, none of the trustees, officers or other insiders of the REIT, or any associate of such person, or any associate of an affiliate of the REIT, currently intends to sell Units to the REITs in accordance with the NCIB. Marwest Apartment REIT has never purchased for cancellation any of its outstanding units.

A copy of the REIT’s notice regarding the issuer bid filed with the TSXV may be obtained, free of charge, by any Unitholder by contacting the Chief Executive Officer of the REIT, William Martens by phone at 204-947-1200 or by email at [email protected].

This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there may be no sale of the Units in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or territory.

About Marwest Apartment REIT

The REIT is an unincorporated open-ended trust governed by the laws of the Province of Manitoba. The REIT was created to provide Unitholders with the opportunity to invest in the Canadian multi-family rental sector by owning high-quality, income-generating properties, with an initial focus on stable markets across Western Canada.

Forward-looking statements

The information in this press release includes certain information and statements about management’s beliefs about future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based on assumptions subject to significant risks and uncertainties. Due to these risks and uncertainties and due to various factors, actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the REIT’s intention to purchase Units pursuant to a normal course issuer bid. A number of factors could cause actual results to differ materially from these forward-looking statements. The implementation of a normal course issuer bid will depend on a number of factors, including, but not limited to, the financial performance, financial condition and financial needs of the REIT. Although management of the REIT believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the expectations in the forward-looking statements will prove to be correct. Except as required by law, the REIT disclaims any intention and undertakes no obligation to update or revise forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting these forward-looking statements. – statements seeking or otherwise.

Neither the TSXV nor its Regulation Services Provider (as those terms are defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Units are not registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) and may not be offered or sold in United States or for the benefit of or on behalf of or for the benefit of US Persons, except in certain transactions exempt from the registration requirements of the US Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the REIT in United States or in any other jurisdiction.

SOURCE Marwest Apartment Real Estate Investment Trust

For further information: Mr. William Martens, CEO, Marwest Apartment Real Estate Investment Trust, (204)-947-1200

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