Northern Property Real Estate Investment Trust/Norserco Inc. Announce Closing of $66 Million Financing

CALGARY, ALBERTA--(Marketwire - March 23, 2012) - Northern Property Real Estate Investment Trust ("REIT") (TSX:NPR.UN) and NorSerCo Inc. ("NorSerCo", and together with the REIT, "NPR"), announced today that they have closed their previously announced public offering of 2,000,000 NPR stapled units (the "Stapled Units") at a price of $32.85 per Stapled Unit, for gross proceeds of $65,700,000, to a syndicate of underwriters led by CIBC and including BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotiabank, Cannacord Genuity Corp., Desjardins Securities Inc., Dundee Securities Ltd., GMP Securities L.P., National Bank Financial Inc. and TD Securities Inc.

The net proceeds to NPR of the offering will be approximately $62.4 million, after deducting expenses of the offering, and will be allocated as to $61.8 million to the REIT and $0.6 million to NorSerCo. NPR intends to use the net proceeds from the sale of the Stapled Units principally to repay outstanding indebtedness, strengthen its capital position and enhance its financial flexibility in order to allow it to take advantage of real estate related acquisition and development opportunities that may emerge in the current industry environment.

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