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Minto Confirms it is Going Public

Ottawa-based Company Files Preliminary Perspectus for New Apartment REIT, a Story First Reported by CoStar News
May 24, 2018
Minto Yorkville at 61 Yorkville Ave. in Toronto.

Ottawa-based Minto Properties Inc. has confirmed a story first reported by CoStar News that it will be taking its multifamily division public under the banner Minto Apartment Real Estate Investment Trust.

Minto Properties is part of the Minto Group of Companies established in 1955, and upon closing of the deal, the REIT will have 22 multi-residential properties with 4,279 suites in Toronto, Ottawa, Calgary and Edmonton.

The offering, led by TD Securities and BMO Capital Markets, is said to be in the $150 to $200 million range, according to sources close to the deal.

"The initial properties represent all of Minto Properties' wholly-owned multi-residential properties," the company said in a release, noting the REIT will employ an executive and operational team of real estate professionals made up of former Minto employees, and employees who will be employed by both the REIT and Minto.

"Additional administrative services required to operate the REIT will be provided by Minto Properties on a cost recovery basis under an administrative support agreement."

Once the deal closes, the REIT will enter into a strategic alliance agreement with Minto. That alliance will give the REIT potential access to additional multi-residential properties in which Minto has an interest.

A third-party appraisal done for the filing put the total value of the REIT at $1.1792 billion, with residential holdings making up $1.1058 billion of that figure. Minto Yorkville in Toronto, where the REIT would have 181 units, was valued at $164 million, making it the most valuable piece of the new public vehicle.

Michael Waters, who is CEO of Minto Group, will act in the same position for the REIT. Roger Greenberg, the son of Louis Greenberg, one of four brothers who formed the company, will be executive chairman of the REIT. He is also chairman of the Minto Group board.

Garry Marr, Toronto Market Reporter  CoStar Group   

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