Crestpoint Real Estate Investments Ltd. and Minto Group are teaming up to acquire and take Minto Apartment Real Estate Investment Trust (MI-UN-T) private in an all-cash transaction which values the REIT at approximately $2.3 billion.

In an announcement Monday morning, Crestpoint and Minto Group said the offer is for $18.00 per unit, a 32 per cent premium to the closing price on Jan. 2 ($13.61), and a 35 per cent premium to the 20-day volume-weighted average trading price.

Financial details of the partnership were not immediately released.

The $2.3-billion valuation includes debt and the units controlled by “retained interest holders” – among them current Minto managers and entities invested in the REIT – and the class B units of Minto Apartment Limited Partnership held by Minto and affiliates.

The transaction has the unanimous backing of a committee of independent Minto REIT trustees. Each trustee and executive officer of the REIT has entered into voting agreements in favour of the deal, representing approximately 44.3 per cent of the REIT's units.

"We have great confidence in the high-quality, well-located portfolio we have built, however, capital markets constraints have hindered our ability to achieve our long-term growth objectives," said Jonathan Li, president and CEO of the REIT, in the announcement. "This transaction provides trust unitholders with near-term liquidity at a significant premium to the current trading price at a time when the operating environment is challenging and the capital markets remain sub-optimal for the Canadian multifamily sector. 

“This is a strong result for all stakeholders." 

History of Minto Apartment REIT

Minto Apartment REIT was created in 2018 to own income-producing multiresidential properties in urban markets across Canada. Originally seeded with 22 properties, today the REIT owns 28 rental properties in Toronto, Montreal, Ottawa, Calgary and Vancouver. 

"This partnership is a decisive, forward-looking move that prepares us to lead in the next phase of market evolution. We are proactively structuring our portfolio to capitalize on emerging opportunities, and Crestpoint's proven expertise in strategic real estate partnerships makes them the ideal partner with which to execute this strategy. Minto will continue to manage the portfolio moving forward and this partnership allows us to continue to grow," Minto Group CEO Michael Waters said in the announcement.

Minto Apartment REIT’s market cap is approximately $1.14 billion according to its website.

As at Sept. 30, 2025, it had 36,633,077 REIT units and 25,755,029 class B units outstanding. It pays monthly distributions of $0.04458 per unit, which will continue until the closing of the transaction.

Minto REIT units will then be delisted from the TSX.

Crestpoint a major Canadian real estate investor

Crestpoint is an affiliate of Connor, Clark & Lunn Financial Group Ltd., a Canadian firm whose affiliates collectively manage over $167 billion in global assets. Established in 1982, CC&L has over 40 years of experience and has grown to be one of Canada's largest independently owned asset management firms with a presence across North America, Europe and Asia. Its strategies span across equities, fixed income, alternative investments and multi-assets.

Crestpoint, established in 2010, focuses on commercial real estate and debt investments. It manages over $11 billion on behalf of institutional and high-net-worth clients via strategies spanning core-plus real estate, opportunistic real estate, commercial debt, segregated funds and co-investments.

"We are proud to partner with Minto on this transaction as we strengthen our presence in the multifamily sector through the acquisition of a diversified portfolio of high-quality assets in Canada's largest markets,” said Kevin Leon, president and CEO of Crestpoint, in the announcement. 

“This partnership represents an exceptional opportunity to work alongside a well-respected real estate developer and operator with over 70 years of experience, and we look forward to building a successful, long-term relationship.”

The REIT plans a special meeting in March for unitholders to vote on the transaction. If the various required unitholder approvals and other approvals are forthcoming, the transaction is expected to close in the second half of 2026. 

"We are pleased to deliver significant and near-term value to our trust unitholders through this all-cash transaction. The board believes this is an attractive opportunity for our trust unitholders and that no other person or group would be willing and able to propose a successful superior alternative transaction. Consequently, the board recommends that trust unitholders vote in favour of the transaction," said Allan Kimberley, chair of Minto REIT’s special committee, in the announcement.

The Minto Group

The Minto Group is a fully integrated Canadian real estate investment, development and management platform. Founded in 1955, Minto has built more than 100,000 new homes and continues to own and manage residential and commercial rental properties. 

With over 1,300 employees in Canada and the United States, the company's operations span the full spectrum of real estate investment disciplines.

Desjardins Capital Markets delivered a fairness opinion to Minto REIT’s special committee valuing its units in the range of $17 to $19.

Blake, Cassels & Graydon LLP is counsel to the special committee and Goodmans LLP is counsel to the REIT. Desjardins Capital Markets is financial advisor and independent valuator to the special committee and BMO Capital Markets is financial advisor.

Torys LLP is counsel to Minto and Crestpoint and TD Securities Inc. is financial advisor to Minto and Crestpoint. McCarthy Tétrault LLP is counsel to Crestpoint.