Minto, Crestpoint Hit $2.3B Deal Taking Minto REIT Private

Minto Group and Crestpoint Real Estate Investments have announced the formation of a new joint venture partnership alongside a $2.3-billion take-private transaction involving Minto Apartment REIT.

Under the agreement, Crestpoint will acquire all outstanding units of Minto Apartment REIT not already owned by Minto and certain senior executives for $18.00 per unit in cash. The transaction values the REIT at approximately $2.3 billion, including the assumption of net debt and retained equity interests held by Minto and affiliated parties.

The deal will see Minto retain a significant ownership stake in the newly formed partnership, which is intended to operate as a long-term, programmatic platform focused on the ownership, operation, and development of purpose-built rental housing across Canada. The partnership will primarily target newer-generation multi-family assets, while also considering select value-add, repositioning, and co-development opportunities over time.

The combined platform will concentrate on major Canadian markets, including Toronto, Vancouver, Calgary, Montreal, Ottawa, Victoria, Halifax, and select GTA-adjacent areas. Property management will be provided by Minto, with Crestpoint and Minto jointly overseeing asset management.

Minto will also lead development and construction management on future projects that align with the partnership’s investment criteria.

"Minto is excited to announce this strategic transaction and partnership with Crestpoint – a best-in-class real estate investor with a shared vision and commitment to long-term success," said Michael Waters, Chief Executive Officer of Minto Group. "We believe that this partnership will best enable Minto to execute on its strategic initiatives moving forward, while ensuring the company remains true to the core values it has upheld for over 70 years."

"We are thrilled and proud to announce this new partnership and transaction with Minto," said Kevin Leon, President & Chief Executive Officer of Crestpoint. "This transaction will significantly enhance our multi-family exposure across the country while allowing us to work and grow alongside a successful and reputable partner that has decades of experience in the sector."

TD Securities is acting as exclusive financial advisor to the partners, with Torys LLP serving as legal counsel. McCarthy Tétrault LLP is acting as legal counsel to Crestpoint.

REITs & Institutions

Minto Group, Crestpoint Strike $2.3B Deal To Take Minto Apartment REIT Private

The combined platform will concentrate on major Canadian markets, including Toronto, Vancouver, Calgary, Montreal, Ottawa, Victoria, Halifax, and select GTA-adjacent areas.

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