Minto Apartment REIT to be taken private by Crestpoint in $2.3 billion deal

Jan 5 (Reuters) - Canada's Minto Apartment Real Estate Investment Trust MI_u.TO said on Monday it has agreed to be acquired by an affiliate of Crestpoint Real Estate Investments and an affiliate of the parent Minto Group, in an all-cash take-private deal valuing the REIT at about $2.3 billion, including debt.

REIT unitholders will get $18 per unit in cash, a 32% premium to the security's last closing price on the Toronto Stock Exchange, it said.

The deal was unanimously approved by the REIT's board and a special committee of independent trustees, the company said. Unitholders are expected to vote on the deal at a special meeting in March.

Minto, which holds about 42.7% of the REIT's voting interest, has agreed to support the transaction under a voting agreement.

"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.

The transaction is expected to close in the second half of 2026.

Minto Apartment Real Estate Investment Trust owns a portfolio of multi-residential rental properties in Toronto, Montreal, Ottawa, Calgary and Vancouver.

Founded in 2010, Crestpoint focuses on commercial real estate and debt investments and manages over $11 billion for institutional and high-net-worth clients.