WEST SIDE SQUARE DEVELOPMENT FUND FILES INITIAL PUBLIC OFFERING FINAL PROSPECTUS AND SETS CLOSING DATE FOR OFFERING

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Oct. 26, 2023 /CNW/ - West Side Square Development Fund (the "Trust") announced today that it has received expressions of interest and commitments that in the aggregate are expected to achieve the maximum offering amount of US$50 million and has filed with the securities regulatory authorities in each of the provinces of Canada, and obtained a receipt for, a final prospectus for an initial public offering of its trust units (the "Offering").

It is expected that the Offering will close on November 9, 2023.

The Trust is a newly-created, unincorporated investment trust and was established for the primary purpose of indirectly owning an interest in the development of a mixed-use purpose-built rental building containing 477 rental units and approximately 9,800 square feet of commercial space located at 66 Broadway (the "Property") in the West Side Square neighborhood in Jersey City, New Jersey (the "Project"). The Project is located a mile away from the Journal Square Transportation Center, which is an approximate 13-minute train ride from the financial district of Manhattan.

The Project is currently owned by Altree Developments Inc. ("Altree"), Avenir Jersey Developments Limited ("AJDL") (a company owned by affiliates of Lanterra Developments Inc.), and Westdale Construction Co. Limited ("Westdale"), the sponsors of the Trust, as well as their minority co-investors (collectively, the "Current Owners"), who will retain an ownership interest in the Project following the closing of the Offering and the acquisition of an interest in the Project by the Trust, as further specified in the Prospectus.  The Trust will be managed by Altree Management Inc. (the "Manager"), a subsidiary of Altree. None of the Current Owners will receive any of the net proceeds of the Offering, which will be used to repay the existing land loan on the Property and fund the development of the Project, as further specified in the Prospectus.

CIBC World Markets Inc. (the "Agent") is the sole agent for the Offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the Trust in the United States, nor shall there be any sale of the securities of the Trust in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws.

This Offering is only being made to the public by prospectus. A final prospectus containing important information relating to these securities has been filed with securities regulatory authorities in each of the provinces of Canada. A copy of the prospectus may be obtained from the Agent and is available on SEDAR+ at www.sedarplus.com. Investors should read the prospectus before making an investment decision.

West Side Square Development Fund

West Side Square Development Fund was formed for the primary purpose of indirectly owning an interest in the development of a mixed-use purpose-built rental building containing 477 rental units and approximately 9,800 square feet of commercial space located at 66 Broadway in the West Side Square neighborhood in Jersey City, New Jersey.

Forward-Looking Statements

This news release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the Trust regarding future events, including statements concerning commitments and expressions of interest, the closing of the Offering and the timing thereof and the use of proceeds of the Offering. In some cases, forward-looking statements can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.

Material factors and assumptions used by management of the Trust to develop the forward-looking information include, but are not limited to, the Trust's current expectations about: real property ownership and revenues; construction and development risk; obtaining necessary development permits for the Project; the realization of property value appreciation and timing thereof; the inventory of mixed-use properties; competition from developers of mixed-use properties; the Jersey City, New Jersey real estate market; government legal and regulatory changes; property encumbrances relating to the Project; significant fixed expenditures and fees in connection with the maintenance, operation and administration of the Project; closing and other transaction costs in connection with the acquisition and disposition of the Project; the availability of mortgage financing and current interest rates; revenue shortfalls; assumptions about rental growth rates in the U.S. mixed-use real estate market, demographic trends and the markets in which the Trust intends to operate; fluctuations in interest rates; litigation risks; the relative illiquidity of real property investments; the U.S. economic environment; the geographic concentration of the Trust's business; demand levels for mixed-use properties in Jersey City and local economic conditions; negative geopolitical events; public health crises; the capital structure of the Trust; distributions; capital depletion; foreign currency exchange rates and assumptions related thereto; potential conflicts of interest; reliance on the good faith and ability of the manager of the Trust to manage and operate the Project; reliance on other third-party property management companies; the limited operating history of the Trust; the limited experience of management of the Trust with respect to managing a reporting issuer; the limited liquidity of the Units; and tax laws. While management of the Trust considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the Trust's internal projections, expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the Trust's control, could cause actual results in future periods to differ materially from current expectations of estimated or anticipated events or results expressed or implied by such forward-looking statements. Such factors include the risks identified in the final prospectus, including under the heading "Risk Factors" therein. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the Trust undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

SOURCE West Side Square Development Fund