True North Commercial REIT Announces Executive Leadership Changes

Events Leslie Veiner as CEO and trustee and Tracy Sherren as President and CFO

/ NOT FOR DISTRIBUTION IN THE US OR THROUGH US NEWSWIRES /

TORONTO, April 7, 2021 / CNW / – True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the “REIT”) announced today that it is effective May 17, 2021, Daniel Drimmer will step down as President and Chief Executive Officer of the REIT and Leslie VeinerThe current Chief Financial Officer of Canada’s High Yield Residential Fund (TSX: NHF.UN) in Northview will serve as Chief Executive Officer and join the REIT’s Board of Trustees. The appointment of Mr. Veiner will expand the REIT’s existing senior management team, led by Tracy Sherren, the current Chief Financial Officer of the REIT, who has been promoted to President of the REIT in addition to his existing position as Chief Financial Officer and Trustee of the REIT.

“The combination of Tracy as President and Chief Financial Officer and Leslie as Chief Executive Officer provides the REIT with an executive team that has an exceptionally strong combination of commercial real estate experience and business acumen. Tracy and Leslie are expected to execute together accelerate our strategy, “stated Daniel Drimmerwho will remain in his role as CEO of the REIT Board of Trustees. “Since the REIT was founded in 2012, Tracy has been instrumental in helping the REIT focus on achieving long-term shareholder value. Leslie has played a key role within the Starlight organization for the past decade and we are delighted to add him to the company, I look forward to working with Tracy and Leslie in their leadership and trustee roles. “

About the REIT

The REIT is an unregistered, open-ended real estate mutual fund established under the laws of the province Ontario. The REIT currently owns and operates a portfolio of 47 properties consisting of approximately 4.8 million square feet in urban and select strategic secondary markets Canada. The REIT focuses on expanding its portfolio primarily through acquisitions Canada and such other jurisdictions where opportunity exists.

Further information on the REIT can be found at www.sedar.com or on the REIT website at www.truenorthreit.com.

SOURCE True North Commercial Real Estate Investment Trust

For more information: Daniel Drimmer, President and Chief Executive Officer, (416) 234-8444; or Tracy Sherren, Chief Financial Officer, (416) 234-8444