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.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS.

This news release may contain forward-looking statements. These statements are not future guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made.

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