Subversive Real Estate Acquisition REIT LP Files Final Prospectus and Amends Redemption Deadline

TORONTO, Oct. 20, 2020 /CNW/ - Subversive Real Estate Acquisition REIT LP (the "REIT LP") (NEO: SVX.U) (NEO: SVX.RT.U) (OTCBB: SBVRF) today announced that it has, in accordance with applicable rules, filed a final prospectus with the securities regulatory authorities in each of the provinces and territories of Canada (other than Québec) and has obtained a receipt therefor with respect to its Qualifying Transaction (defined below). In addition, the REIT LP announced that it has changed the deadline for redemption of its Restricted Voting Units from October 29, 2020 to November 2, 2020, as further described below.

On October 7, 2020, the REIT LP announced that it had entered into definitive agreements (the "Definitive Agreements") to acquire real properties in the amount of approximately US$97.4 million and originate or acquire US$85.4 million of first lien mortgages (collectively, the "Initial Portfolio"). The acquisition of the Initial Portfolio will be the REIT LP's qualifying transaction (the "Qualifying Transaction").

The REIT LP's final prospectus, which contains details of the Qualifying Transaction, is available on SEDAR at www.sedar.com and at www.subversivecapital.com/reit. The REIT LP intends to mail the final prospectus to holders of restricted voting units of the REIT LP ("Restricted Voting Units") over the course of the coming days.

To redeem their Restricted Voting Units in connection with the Qualifying Transaction, holders must deposit their Restricted Voting Units for redemption prior to 5:00 p.m. (Toronto time) on November 2, 2020, in accordance with the instructions contained in the notice of redemption (the "Notice of Redemption"). The Notice of Redemption was mailed to all holders of Restricted Voting Units on October 8, 2020 and is available on SEDAR at www.sedar.com. Other than the deadline for redemption, the information set out in the Notice of Redemption is unchanged.

The Qualifying Transaction is expected to close in the first half of November 2020.

About Subversive Real Estate Acquisition REIT LP

Subversive Real Estate Acquisition REIT LP is a limited partnership established under the Limited Partnerships Act (Ontario) formed for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, equity exchange, asset acquisition, equity purchase, reorganization, or any other similar business combination involving the REIT LP that will qualify as its qualifying transaction for the purposes of the rules of the Exchange. The REIT LP is a special purpose acquisition corporation for the purposes of the rules of the Neo Exchange Inc. (the "Exchange"). The REIT LP's restricted voting units and rights are listed on the Exchange under the symbols "SVX.U" and "SVX.RT.U", respectively.

Additional information is located at www.subversivecapital.com/reit.

Forward-Looking Statements

Certain statements contained in this news release constitute "forward-looking information" for the purpose of applicable Canadian securities legislation ("forward-looking statements"). These statements reflect the General Partner's management's expectations with respect to future events. Forward-looking statements include, but are not limited to, statements concerning the REIT LP's ability to complete the Qualifying Transaction. All statements other than statements of historical fact are forward-looking statements. The use of the words "anticipate", "believe", "continue", "could", "estimate", "expect", "intends", "may", "might", "plan", "possible", "potential", "predict", "project", "should", "would", and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not a forward-looking statement. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated or implied in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Unless otherwise indicated, these statements speak only as of the date of this prospectus.

Such forward-looking statements are qualified in their entirety by the inherent risks, uncertainties and changes in circumstances surrounding future expectations which are difficult to predict and many of which are beyond the control of the REIT LP, including with respect to the REIT LP's ability to effect the Qualifying Transaction.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management of the REIT LP as of the date of this news release, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The REIT LP's estimates, beliefs and assumptions, which may prove to be incorrect, include various assumptions, including, but not limited to, the anticipated receipt of any required regulatory approvals and consents to close the Qualifying Transaction (including the final approval of the Exchange); the expectation that each counterparty will comply with the terms and conditions of the applicable Definitive Agreement; and the expectation that no event, change or other circumstance will occur that could give rise to the termination of one or more of the Definitive Agreements.

When relying on forward-looking statements to make decisions, the REIT LP cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements, including, but not limited to the factors discussed under "Risk Factors" in the final prospectus.

Although management has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information.

All forward?looking statements included in and incorporated into this news release are qualified by these cautionary statements. Unless otherwise indicated, the forward?looking statements contained herein are made as of the date of this news release, and except as required by applicable law, the REIT LP nor its sponsors do not undertake any obligation to publicly update or revise any forward?looking statement, whether as a result of new information, future events or otherwise.

SOURCE Subversive Real Estate Acquisition REIT LP