Major Canadian rental housing landlord going private in $2.3 billion deal
As of September 2025, Minto REIT has a portfolio of about 7,600 rental homes across 28 properties, with 96 per cent occupancy and an average monthly rent of $2,074.
Minto REIT owns and operates apartment buildings in major cities, including: one forthcoming project in Victoria; one property with 113 units in Vancouver; four properties with 665 units in Calgary; seven properties with 2,484 suites, plus another 417 units under construction in Toronto; 12 properties with 2,543 units, plus another forthcoming project in Ottawa; and four properties with 1,793 units in Montreal.
However, this deal comes at a time when the Canadian housing market is under pressure. A slowing economy, a surge of new secured purpose-built rental buildings coming online, changes to federal immigration policies, and overall softer demand have put downward pressure on rents in several major markets. At the same time, a weak condominium market has made it harder for real estate owners and developers to raise capital or sell assets, creating a challenging backdrop for developers and landlords.
The $18.00 per trust unit offer represents a 32 per cent premium compared with the REIT’s closing price on Jan. 2, 2026, and a 35 per cent premium over the average trading price during the previous 20 days. This means trust unitholders are being offered much more than the market price they could recently get by selling their trust units on the stock exchange.
Minto REIT’s independent special committee and its board of trustees have unanimously approved the deal. They are recommending that investors vote in favour of the transaction.
Jonathan Li, president and CEO of Minto REIT, said the deal gives investors certainty at a difficult time for real estate markets.
“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 Li in a statement.
“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 multi-family sector. This is a strong result for all stakeholders.”
Allan Kimberley, chair of Minto REIT’s special committee, said the board believes the deal is the best available option.
“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,” said Kimberley.
Crestpoint said the acquisition fits its strategy of expanding in the apartment sector.
“We are proud to partner with Minto on this transaction as we strengthen our presence in the multi-family sector through the acquisition of a diversified portfolio of high-quality assets in Canada’s largest market,” said Kevin Leon, president and CEO of Crestpoint.
“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.”
Investors will vote on the transaction at a special meeting expected to be held in March 2026. If approved and all regulatory conditions are met, the deal is expected to close in the second half of 2026.
Once the transaction is completed, the REIT’s units are expected to be delisted from the TSX, and the company will no longer be a public reporting issuer in Canada.
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