TMX group

CALGARY, April 21 /CNW/ - Northern Property Real Estate Investment Trust
(TSX: NPR.UN) today closed its previously announced public offering of
3,540,000 trust units ("Units") at a price of $21.20 per Unit for gross
proceeds of $75,048,000. The offering was completed on a "bought deal" basis
by a syndicate of underwriters led by CIBC World Markets Inc.
Northern Property intends to use the net proceeds of this offering to
purchase the buildings and lands associated with five senior living facilities
in Alberta and British Columbia, to provide mezzanine financing for the
development of an additional senior living facility in Calgary, Alberta and to
pay down outstanding credit lines.
When originally announced on April 4, 2006, the offering size was
3,300,000 Units at a price of $21.20 per Unit, with an over-allotment option
in favour of the underwriters to increase the size of the offering by up to
240,000 Units at any time up to 30 days following closing. The over-allotment
option was exercised in full by the underwriters on April 20, 2006.
The Units offered have not been and will not be registered under the U.S.
Securities Act of 1933 and state securities laws. Accordingly, the Units may
not be offered or sold in the United States absent registration or applicable
exemptions from the registration requirements of the U.S. Securities Act of
1933.

Northern Property is a Real Estate Investment Trust specializing
primarily in residential rental properties. It is the largest residential
landlord in the NWT, Nunavut and Newfoundland and Labrador and has an
increasing presence in key growth markets in northern Alberta and British
Columbia