Minto Apartment REIT Announces Closing of $225 Million Bought Deal Offering of Trust Units

October 22, 2019 From Minto Apartment REIT

- NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE UNITED STATES -

OTTAWA, Oct. 22, 2019 /CNW/ - Minto Apartment Real Estate Investment Trust (TSX: MI.UN) (the "REIT") today announced the closing of the sale of 9,850,000 trust units of the REIT ("Units") from treasury at a price of $22.85 per Unit (the "Offering Price") to a syndicate of underwriters bookrun by TD Securities Inc. and BMO Capital Markets (the "Underwriters") for gross proceeds of approximately $225 million (the "Offering").

Minto Apartment REIT (CNW Group/Minto Apartment Real Estate Investment Trust)

The REIT has also granted the Underwriters an option (the "Over-Allotment Option"), exercisable in whole or in part at any time up to 30 days after the closing of the Offering, to purchase up to an additional 985,000 trust units at the Offering Price. If the Over-Allotment Option is exercised in full, the gross proceeds of the Offering will be approximately $248 million.

The REIT intends to use the net proceeds of the Offering to finance directly and/or indirectly a portion of the purchase price for the pending acquisition of Le 4300 and Haddon Hall, two high-quality multi-residential properties in Montreal, Quebec (the "Acquisition").

The Units have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the "1933 Act") and may not be offered, sold or delivered, directly or indirectly, in the United States, or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any Units in the United States or to, or for the account or benefit of, U.S. persons.

About Minto Apartment Real Estate Investment Trust
Minto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multi-residential properties located in urban markets in Canada. The REIT owns a portfolio of high-quality income-producing multi-residential rental properties located in Toronto, Montreal, Ottawa, Calgary and Edmonton. For more information on Minto Apartment REIT, please visit the REIT's website at: https://www.mintoapartments.com/.

Forward-Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the REIT. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. In particular, this news release contains forward-looking information in relation to the proposed Acquisition and the properties that are the subject of the proposed Acquisition. Forward-looking information reflects management's current beliefs and is based on a number of assumptions that the REIT believes are reasonable and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under the heading "Risk Factors" in the REIT's final base shelf short form prospectus dated December 21, 2018 and in the REIT's prospectus supplement dated October 15, 2019, both of which are available at www.sedar.com. The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. This forward-looking information speaks only as of the date of this news release.

SOURCE Minto Apartment Real Estate Investment Trust

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