Crestpoint to acquire Minto Apartment REIT for $2.3 billion

5 Jan 2026

On January 5, 2026, Minto Apartment Real Estate Investment Trust entered into an arrangement agreement with Crestpoint Real Estate Investments Limited Partnership and Minto Group affiliates, whereby Crestpoint will acquire all publicly held trust units for $18.00 per unit in an all-cash transaction. The transaction values the REIT at approximately $2.3 billion, including debt, trust units controlled by retained interest holders, and class B limited partnership units held by Minto and affiliates. The offer represents a 32% premium to the January 2, 2026 closing price and a 35% premium to the 20-day volume-weighted average trading price. The Special Committee and Board, with conflicted trustees abstaining, unanimously approved the transaction and recommend unitholder support. Voting agreements secured from Minto and each trustee and executive officer represent approximately 44.3% of voting interest, including Minto's irrevocable 42.7% stake. The transaction requires at least two-thirds of votes cast and a simple majority excluding retained interest holders and others required excluded under Multilateral Instrument 61-101. A special meeting is scheduled for March 2026, with closing expected second half 2026, subject to court approval, Competition Act clearance, and required consents.

Blake, Cassels & Graydon LLP is counsel to the Special Committee and Goodmans LLP to the REIT. Desjardins Capital Markets is independent valuator and financial advisor to the Special Committee with BMO Capital Markets. Torys LLP and McCarthy Tétrault LLP represent Minto and Crestpoint, with TD Securities Inc. as financial advisor.