Minto Group and Crestpoint Real Estate Investments Limited Partnership have agreed to form a new programmatic joint venture and, at the same time, entered into an arrangement agreement to acquire Minto Apartment Real Estate Investment Trust.
Under the terms of the deal, Crestpoint will acquire all outstanding trust units of the REIT not held directly or indirectly by Minto and certain senior officers for $18.00 per trust unit in cash. The transaction is valued at approximately $2.3 billion, including the assumption of net debt, the trust units of the REIT controlled by retained interest holders, and the class B limited partnership units of Minto Apartment Limited Partnership held by Minto and certain affiliates.
The joint venture will create a Canadian multi-family platform focused on the long-term ownership of recent-generation, purpose-built rental properties. In addition to the seed REIT portfolio, the partnership’s acquisition and development strategy will target core Canadian markets, including Toronto, Vancouver, Calgary, Montreal, Ottawa, Victoria, Halifax and other areas adjacent to the Greater Toronto Area. Properties owned by the partnership will be jointly managed by Crestpoint and Minto, with Minto responsible for property management. Minto will also provide development and construction management services for future projects that meet the partnership’s investment criteria, subject to Crestpoint’s oversight.
Founded in 1955, Minto Group is a Canadian real estate firm with a fully integrated investment, development and management platform. The company has built more than 100,000 new homes and continues to own and manage a portfolio of residential and commercial rental properties. Crestpoint, established in 2010, focuses on commercial real estate and debt investments and manages over $11 billion on behalf of institutional and high-net-worth clients. It is an affiliate of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset manager whose affiliates collectively oversee more than $167 billion for individuals, advisors and institutional investors, with strategies spanning equities, fixed income, alternative investments and multi-asset mandates.
"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," Minto Group CEO Michael Waters said in a press release. "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."
Crestpoint president and CEO Kevin Leon added, “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."
On the advisory side, Blake, Cassels & Graydon LLP is acting as counsel to the special committee, while Goodmans LLP is counsel to the REIT. Desjardins Capital Markets is serving as independent valuator and, together with BMO Capital Markets, as financial advisor to the special committee. Torys LLP and McCarthy Tétrault LLP are representing Minto and Crestpoint, with TD Securities Inc. acting as financial advisor.
The deal is expected to close by the second half of 2026, subject to customary closing conditions.
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