Minto Group and Crestpoint to Form New Partnership and Announce Take-Private Transaction of Minto Apartment REIT

Executive Summary

• Minto Group and Crestpoint Real Estate Investments are forming a new programmatic joint‑venture partnership and simultaneously executing a take‑private transaction of Minto Apartment REIT valued at approximately $2.3 billion.
• Crestpoint will acquire all outstanding REIT trust units (except those retained by Minto and certain senior officers) for $18.00 per unit in cash, assuming net debt and related interests.
• The new partnership will become a leading Canadian multi‑family owner, operator and developer, with both parties retaining significant equity stakes and committing additional growth capital.

Key Details

• Transaction Structure:
• Formation of a “Partnership” (programmatic joint venture) between Minto Group and Crestpoint.
• Execution of an Arrangement Agreement to acquire Minto Apartment REIT (TSX: MI.UN).
• Purchase Price & Valuation:
• $18.00 per trust unit in cash.
• Total transaction value ≈ $2.3 billion, inclusive of net debt and retained interests.
• Equity Retention:
• Minto Group and its affiliates will retain a significant equity interest in the new Partnership.
• Asset Focus:
• Long‑term ownership of recent‑generation, purpose‑built rental properties across Canada.
• Potential acquisition of value‑add, repositioning, and new‑build stabilized multi‑family assets for co‑development.
• Geographic Scope:
• Core Canadian markets: Toronto, Vancouver, Calgary, Montreal, Ottawa, Victoria, Halifax, plus GTA‑adjacent areas.
• Management & Services:
• Joint management of portfolio properties by Crestpoint and Minto.
• Minto to provide property‑management services and development/construction management for qualifying projects; oversight by Crestpoint.
• Growth Capital Commitment:
• Both partners have agreed to supply additional capital to fund future acquisitions, developments, and value‑add initiatives.
• Advisors:
• TD Securities Inc. – exclusive financial advisor to the Partners.
• Torys LLP – legal counsel to the Partners.
• McCarthy Tetrault LLP – legal counsel to Crestpoint.

Notable Quotes

• “Minto is excited to announce this strategic transaction and partnership with Crestpoint… we believe that this partnership will best enable Minto to execute on its strategic initiatives moving forward.” – Michael Waters, CEO, Minto Group
• “We are thrilled and proud to announce this new partnership and transaction with Minto… this transaction will significantly enhance our multi‑family exposure across the country.” – Kevin Leon, President & CEO, Crestpoint