Tuesday, January 8, 2013

True North Apartment REIT, something is rotten here

I am an investor in TN.UN as I like to invest in REIT Apartments and there are not too many of them.

Jan. 7 news
True North Apartment Real Estate Investment Trust ("True North," or the "REIT") (TSX VENTURE:TN.UN) announced today that it has agreed to acquire (the "Acquisition") a portfolio of 17 properties (the "Acquisition Properties") and the installment note for an aggregate purchase price of $152.8 million. The Acquisition Properties are currently owned and operated by D.D. Acquisitions Partnership (the "Vendor"), an entity controlled by Daniel Drimmer, a trustee and significant unitholder of the REIT.

How come? The company I am an investor of buys something from another investor of the company.
Something is fishy here.

No wonder that the stock lost at the end of Jan. 8 4.36% at a very high volume
Vol / Avg. 581,046.00/71,728.00

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