Crestpoint to Take Minto Apartment REIT Private for $1.7 Billion

Crestpoint Real Estate Investments Ltd. agreed to take Ottawa-based landlord Minto Apartment Real Estate Investment Trust private Monday in a deal that values the firm at C$2.3 billion ($1.7 billion), including debt.

Crestpoint, which is part of Vancouver-based Connor, Clark & Lunn Financial Group Ltd., will buy majority control of the apartment REIT at C$18 per unit, according to a statement Monday. The remaining 42.7% of voting interest will be retained by the Minto Group, the developer that founded the REIT and has agreed to vote in favor of Crestpoint’s acquisition at a meeting scheduled for March, the statement said.