WEST SIDE SQUARE DEVELOPMENT FUND FILES PRELIMINARY PROSPECTUS FOR INITIAL PUBLIC OFFERING OF UNITS

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

TORONTO, Sept. 13, 2023 /CNW/ - West Side Square Development Fund (the "Trust") announced today that it has filed, and obtained a receipt for, a preliminary prospectus (the "Prospectus") with the securities regulatory authorities in each of the provinces of Canada for a proposed initial public offering of its trust units (the "Offering").

The preliminary prospectus qualifies the distribution of a minimum of US$25 million and a maximum of US$50 million of Class A Units, Class E Units, Class F Units and/or Class U Units of the Trust at a price of C$10.00 per Class A Unit and Class F Unit, and US$10.00 per Class E Unit and Class U Unit.

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 ("AJDR") (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.

"I am pleased to be working with Altree and Westdale in sponsoring the West Side Square Development Fund," said Mark Mandelbaum, Chairman of Lanterra Developments Inc. "We believe the Trust offers an opportunity for investors to participate with Altree, Westdale and AJDL in a development project we believe will benefit from recent growth in rent rates for multi-family apartments in the Journal Square neighborhood and Jersey City."

The Offering will be led by CIBC World Markets Inc. (the "Agent").

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.

A preliminary prospectus containing important information relating to these securities has been filed with securities regulatory authorities in each of the provinces of Canada. The preliminary prospectus is still subject to completion or amendment. A copy of the preliminary prospectus may be obtained from the Agent and is available on SEDAR+ at www.sedarplus.ca. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

Altree is committed to creating high-end residential, commercial, and retail projects with a compelling offering that creates significant value for customers, investors, and community stakeholders. Currently, Altree has over 17 projects under development in various stages, with an estimated completion value of the current projects at over C$5 billion consisting of more than 6,000 residential units and over five million square feet. Notable projects include Thirty Six Zorra, Forest Hill Private Residences, and Highland Commons, among others.

Lanterra Developments is a significant force in the real estate industry in the GTA, with a comprehensive scale of operations that includes land acquisition, development, design, construction, marketing, rental management and support services. Since its inception, Lanterra Developments has become one of Toronto's largest real estate developers having completed over 17,000 residential condominium units since its inception, most notably Maple Leaf Square, ICE, 1 Bedford, The Britt, 11 Wellesley, and Waterpark City.

With a core business consisting of over 50,000 residential units in three Canadian provinces and 11 U.S. states, Westdale continues to expand its portfolio to include over four million square feet of retail, office, industrial and heritage properties in North America. Westdale is also actively involved in over 20 residential urban developments across the continent in cities such as Toronto, Ottawa, Halifax, Calgary, Dallas, and Atlanta. Notable residential projects in Toronto include Theory, NOBU Condominiums, Line 5, Untitled, and One Bloor East.

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 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 preliminary 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