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Northern Property to Buy Apartment REIT True North

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Northern Property Real Estate Investment Trust agreed to buy True North Apartment REIT and a separate portfolio of residential buildings to create one of Canada’s largest multifamily landlords.

True North stockholders will get 0.39 Northern Property trust units for each share, the companies said in a statement Monday. The deal values True North shares at C$9 ($6.85) apiece, about 16 percent more than Friday’s closing price. Calgary-based Northern Property also agreed to buy a multifamily portfolio from Starlight Investments Ltd. and that firm’s joint venture with a pension fund for C$535 million.