Avenue Living Asset Mgmt. has initiated strategic reviews for both the Avenue Living Core Trust and its Mini Mall Storage Properties Trust with the intention of taking both entities public in what would be a multibillion-dollar transaction.

Avenue Living made the announcement Monday afternoon. The trust was formed 20 years ago by Anthony Giuffre, who remains its CEO, and partner Jason Jogia.

"Avenue Living was founded on the principles of disciplined investment and active stewardship in the North American Heartland to drive value creation for our customers and investors," Giuffre said in the announcement. "Over two decades, we have built a premier platform with nearly $10 billion in assets under management, underpinned by exceptional operational performance and a robust capital management strategy.”

Avenue Living is a Calgary-based property owner-operator with over $9.8 billion in assets under management across more than 50 markets in Canada and the United States. Its multifamily division manages over 23,000 doors throughout the North American heartland. 

Its self-storage fund owns and operates nearly 13 million square feet of self-storage space, while its agricultural land fund oversees 50,000 acres of farmland.

Management supports go-public transaction

“This proactive review is about aligning our capital structure with our market leadership and the maturity of the firm," Giuffre said in the release. "We are evaluating strategic alternatives to leverage our scale as a Top-10 institutional owner-operator and capitalize on the significant supply-demand imbalance in the workforce housing and self-storage sectors, ensuring we have the optimal platform to continue this growth for decades to come."

The review process follows a formal recommendation from Avenue Living management that both trusts pursue the go-public transaction. Independent special committees have been established to lead the reviews for both trusts, evaluating a transition to public markets alongside other strategic alternatives.

The reviews and any transactions which result, are targeted for completion by the end of June, “subject to market conditions and the recommendations of the special committees” the announcement states.   

"The private capital markets in Canada have helped nurture the growth of our platform into a multinational firm of institutional size and quality," Jogia, Avenue Living’s CIO, said in the announcement. "As we embark on this journey, it is important for our stakeholders that we evolve to a structure that enhances liquidity, maintains best-in-class governance and disclosures, and demonstrates a commitment to continued strategic growth that drives long-term value creation."

Avenue Living management believes a transition to public markets represents the “optimal path to achieve permanent liquidity” for the platforms, which have been among the country’s fastest-growing real estate investment entities.

During the review process

During the review process, Avenue Living announced the trusts will cease paying out redemptions for up to six months effective March 31. The trusts will also cease accepting subscriptions for new equity capital during the review. 

Avenue Living will continue to pay monthly distributions, maintain its distribution reinvestment plans, and continue to calculate NAV on a monthly basis throughout the review period.

"Our portfolios are performing at record levels, a direct result of the operational expertise that allows us to drive occupancy and manage costs with a precision that is unique to our scale," Leigh Peters, Avenue Living’s president, said in the announcement. "This success is also a credit to the disciplined execution of our 1,100-plus professionals who manage our $9.8 billion AUM, ensuring we can seamlessly grow while maintaining our customer-centric management model for our residents and customers."

The review comes after a period of strong performance for the trusts:

• Core Trust performance: As of Dec. 31, the portfolio maintained 94.1 per cent occupancy and a 70.7 per cent NOI margin, with 5.2 per cent same-door NOI growth over the trailing 12 months. The Core Trust has returned 10.86 per cent since inception with a 54.7 per cent LTV ratio and completed $1.1 billion in acquisitions totaling 4,697 residential units in 2025. It maintained total available liquidity of $330 million and unencumbered assets of $1.3 billion.
• Mini Mall Storage Trust: As of Dec. 31, the portfolio maintained 89.7 per cent occupancy and a 74.2 per cent NOI margin, with six per cent same-door NOI growth over the previous year. The trust has delivered 11.07 per cent returns on Class F units since inception while maintaining a 56.5 per cent LTV ratio and completed $887 million in acquisitions, totalling 3.5 million square feet of self-storage space, in the past year. Mini Mall trust maintained total available liquidity of $155 million and unencumbered assets of $1.8 billion.
• Mini Mall and the Core Trust's subsidiary, Avenue Living LP, each maintain investment-grade debt ratings. The Group successfully completed senior unsecured debenture offerings of $2.4 billion in the past 12 months.

Torys LLP, Norton Rose Fulbright Canada LLP, and Burnet, Duckworth & Palmer LLP have been engaged as legal counsel for the trusts, special committees and managers, respectively. Management is currently vetting financial advisors.  

Avenue Living does not intend to disclose further developments regarding either strategic review until the process concludes.