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Press release from Marketwire

Northern Property Real Estate Investment Trust Announces Closing of $49 Million Offering

Tuesday, September 28, 2010

Northern Property Real Estate Investment Trust Announces Closing of $49 Million Offering08:49 EDT Tuesday, September 28, 2010CALGARY, ALBERTA--(Marketwire - Sept. 28, 2010) - NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION TO U.S. WIRE SERVICES.Northern Property Real Estate Investment Trust ("NPR") (TSX:NPR.UN) today closed its previously announced public offering of 1,941,500 trust units ("Units"), including 176,500 Units sold pursuant to the exercise of the underwriters' over-allotment option, at a price of $25.50 per Unit for gross proceeds of $49,508,250. The offering was completed on a "bought deal" basis by a syndicate of underwriters led by CIBC World Markets Inc. and including BMO Capital Markets Inc., RBC Capital Markets Inc., Scotia Capital Inc., Canaccord Genuity Corp., National Bank Financial Inc. and Dundee Securities Corporation. NPR intends to use the net proceeds of this offering to pay down outstanding credit facilities and for general working capital purposes.NPR is a real estate investment trust specializing primarily in residential rental properties. It is the largest residential landlord in the Northwest Territories, Nunavut and Newfoundland and Labrador and has an increasing presence in key growth markets in northern Alberta and British Columbia.FOR FURTHER INFORMATION PLEASE CONTACT: Northern Property Real Estate Investment Trust Mr. Todd Cook Chief Financial Officer (403) 531-3610