Forum Real Estate Income & Impact Fund – Press Release

by on February 7, 2025 with No Comments

Brookfield invests up to $100 million in Forum Asset Management’s Real Estate Income and Impact Fund (“REIIF”), the Leading Owner of Purpose-Built Student Accommodations in Canada.

 

PRESS RELEASE

Toronto, ON / February 6, 2025 / Forum Asset Management (“Forum”) is pleased to announce a strategic investment from Brookfield Asset Management (“Brookfield”) in support of Forum’s acquisition of Alignvest Student Housing. Brookfield, through its real estate solutions strategy, will invest up to $ 100 million in Forum’s private REIT, the Forum Real Estate Income and Impact Fund (“REIIF”).

REIIF is a $2.4 billion institutional quality, private REIT that is the leading owner and investor of purpose-built student accommodations across Canada. The fund serves top university markets and is addressing the growing demand for attainable, high-quality housing, and leverages ESG principals for enhanced risk-adjusted returns. REIIF is comprised of 31 institutional-quality properties and approximately 10,500 beds.

Broofield’s existing global portfolio of student accommodations is valued over $7 billion with 60,000 beds across Europe, the US, UK and now, in partnership with Forum and REIIF, in Canada. Brookfield’s investment in REIIF is underpinned by attractive Canadian long-term supply demand-fundamentals and the institutional quality of REIIF’s portfolio.

Richard Abboud, Founder and CEO of Forum, said, “This important investment by Brookfield into REIIF is validation of our strategy and underscores the opportunity for large scale institutional investment in Canadian student housing. Brookfield’s capital will enhance REIIF’s financial exibility, support portfolio growth, and strengthen our ability to deliver critically needed, professionally managed student housing across Canada.”

FACT SHEET

 

ABOUT REIIF

REIIF invests primarily in institutional-quality purpose-built student accommodations, as well as multi-family rentals and furnished apartments, in supply-constrained markets. REIIF is committed to delivering impact and Extraordinary Outcomes™ to investors, enhancing yields and total returns while creating dynamic communities for students and renters across Canada.

Alignvest Student Housing Update

by on November 21, 2024 with No Comments
ALIGNVEST STUDENT HOUSING REIT UNITHOLDERS OVERWHELMINGLY APPROVE COMBINATION WITH FORUM REAL ESTATE AND IMPACT FUND

Toronto, Ontario (November 21, 2024) – Alignvest Student Housing Inc. (“ASH”) is pleased to announce that the unitholders (“Unitholders”) of Alignvest Student Housing Real Estate Investment Trust (“ASH REIT”) overwhelmingly approved the proposed combination with Forum Real Estate Income and Impact Fund (“REIIF”), with over 99% of the votes cast on the Resolutions by all Unitholders (as described further below) voting in favour.

At the special meeting of Unitholders held yesterday (the “Meeting”), the resolutions (“Resolutions”) approving the previously announced combination transaction and other transactions (the “Transactions”) contemplated in the Combination Agreement between, among others, ASH REIT and REIIF dated October 11, 2024 (as amended, supplemented or modified from time to time, the “Combination Agreement”) and the related agreement for the acquisition of ASH by Forum Real Estate Income and Impact LP dated October 11, 2024 (as amended, supplemented or modified from time to time), as well as ancillary matters related thereto, were passed.

The Resolutions were approved by: (i) 99.03% of the votes cast on the Resolutions by all Unitholders present in person or represented by proxy and entitled to vote at the Meeting; and (ii) 98.62% of the votes cast on the Resolutions by Unitholders present in person or represented by proxy and entitled to vote as part of the “majority of the minority” approval.

 

Closing Timeline and Next Steps

The Transactions are currently targeted to close before the end of 2024, subject to customary closing conditions. Competition Bureau clearance has been received for the Transactions.

In anticipation of and in order to facilitate the closing, ASH REIT intends to suspend ordinary course distributions for the months of November and December 2024, and accordingly, Unitholders’ participation in the distribution reinvestment plan will also be suspended for the months of November and December 2024. The value of distributions not paid out will be reflected in the amount of cash and number of units of REIIF received by Unitholders in exchange for their units of ASH REIT (“ASH REIT Units”), which will be higher than if distributions were not suspended, as determined in accordance with the Combination Agreement.

Based on preliminary results, it is estimated that Unitholders who have elected to redeem more than their pro rata entitlement for cash by submitting a duly completed Cash Redemption Offer Election Form will have 100% of the ASH REIT Units that they tendered for redemption redeemed. Such Unitholders may limit the number of their ASH REIT Units redeemed for cash by contacting ASH REIT prior to 5:00 p.m. (Toronto time) on November 27, 2024. Unitholders who reduce the number of ASH REIT Units redeemed for cash under the cash election will receive additional units of REIIF at closing.

Redemption and transfer requests received by ASH after yesterday are not expected to be processed before closing, and therefore are not expected to be fulfilled. Unitholders are reminded that if they requested a transfer or redemption of ASH REIT Units after October 1, 2024 or plan to request a transfer or redemption prior to the closing date it may result in the Unitholder’s cash election in respect of those ASH REIT Units being invalidated.

 

About Alignvest Student Housing Real Estate Investment Trust

ASH REIT was launched in 2018 to consolidate the fragmented, institutional grade, purpose-built student accommodation real estate sector across Canada. Over the past seven years, ASH REIT has built a high-quality portfolio of 17 properties with 7,159 beds across seven university-focused markets.

ASH REIT is an unincorporated open-ended real estate investment trust formed under the laws of Ontario pursuant to a Declaration of Trust to own income-producing purpose-built student accommodations located in Canada. ASH REIT offers trust units on a continuous basis pursuant to an offering memorandum on a private placement basis by qualified dealers to investors resident in any province or territory of Canada who qualify as “accredited investors”. ASH REIT has made arrangements to offer the units through the investment fund order system, Fundserv.

For more information about Alignvest Student Housing Real Estate Investment Trust, please visit: www.alignveststudenthousing.com.

 

About Forum Real Estate Income and Impact Fund

REIIF invests principally in institutional-quality, multi-family rental apartments, purpose-built student accommodations and furnished rentals located in supply constrained markets in Canada. REIIF also strives to deliver a sector-leading impact and ESG-driven portfolio designed to enhance yields and total returns, with a focus on maintaining diversity and resiliency of income.

For information about REIIF, please visit: www.forumreiif.ca.

 

FOR FURTHER INFORMATION PLEASE CONTACT:

Alignvest Student Housing Inc.
ashsubscriptions@alignvest.com

The information is based on the market analysis and expectations of ASH REIT and should not be relied upon by the reader as research or investment advice regarding ASH REIT. The information presented herein is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made by means of an offering memorandum on a private placement basis.

Alignvest Student Housing – Closing of Acquisitions

by on June 25, 2024 with No Comments

We are pleased to announce that we have completed the acquisition of two purpose-built student accommodation assets located at 252 and 254 Phillip Street, Waterloo, Ontario (known as Hespeler House and Fergus House, respectively).

Hespeler House and Fergus House are each 21-storey student housing buildings with 476 beds in fully furnished four-bedroom/four-bathroom suites. The properties are steps away from the University of Waterloo and within walking distance from Wilfrid Laurier University. The properties have amenities which include fitness rooms, study rooms, a fully enclosed theatre room, games rooms, a basketball court, underground parking, bicycle parking, and on-site laundry.

With the closing of these acquisitions, Alignvest Student Housing REIT has completed four transactions in the first half of 2024 totaling 1,705 beds and $384 million. We are excited to further solidify our position in Waterloo and believe these assets will benefit from the scale we have in the market. Hespeler House and Fergus House are strategically located near the University of Waterloo, whereas our other assets in Waterloo primarily serve students attending Wilfrid Laurier University. In total, we now provide housing for over 6,900 students in six major higher-education markets across Canada.

Below is the link to the full press release.

Press Release

 

Alignvest Student Housing

by on May 28, 2024 with No Comments

COMPLETION OF ACQUISITION OF 308 KING IN WATERLOO, ONTARIO

We are pleased to announce that we have completed the previously-announced transaction to acquire a residential property located at 308 King Street North, Waterloo, Ontario (“308 King”).

308 King is a newly constructed, 25-storey building with 340 furnished units, providing housing for 659 students. The property is located within walking distance of both Wilfrid Laurier University and the University of Waterloo. The property offers on-site laundry, rooftop terraces with barbeques and lounge areas, an above-grade parking garage and bicycle parking. There is over 8,500 square feet of ground floor commercial space.

With the addition of 308 King, Alignvest Student Housing REIT will own a portfolio that provides housing for over 5,900 students across 14 properties in six university-focused Canadian markets. We are excited to have built a high-quality portfolio of student housing valued at over $1 billion in less than six years since our launch in June 2018, and we have several additional growth initiatives planned for 2024.

Below is the link to the full press release.

Press Release

May 2024 Information Sheet

ASH – Management Report

by on May 8, 2024 with No Comments

MARCH 31, 2024 – MANAGEMENT REPORT

 

We are pleased to send you Alignvest Student Housing Real Estate Investment Trust’s Q1 2024 Management Report.

We have had a very busy start to 2024 and are expecting a  successful year for our REIT. The macroeconomic environment has shown signs of stabilization and opportunity. Interest rates have come down from their peak in Q4 2023. Further, CMHC financing has become more accessible to developers and investors, which has materially impacted our ability to positively underwrite acquisitions.

We kicked off the year with the acquisition of 417Nelson in Ottawa in February. This site nicely complements our other Ottawa properties and is conveniently located only a few minutes walk from the University of Ottawa.  Continuing our growth trajectory, in April we announced the acquisition of 308 King in Waterloo, with an expected closing in late May. It’s important to note that we have spent several years working to secure both of these transactions. Our deep relationships and expertise provide us with a unique advantage compared to other investors in the sector. We have a robust pipeline of additional acquisition opportunities for continued growth.

Our 2024 pre-leasing season is off to a strong start. We are already almost 83% pre-leased for September 2024 at our privately-managed properties and are projecting a 21.8% gap-to-market on sitting rents when compared to current tenant lease rates. We are also pleased to confirm that the Canadian governments recent announcements to reduce the number of international student visas has not impacted the demand we continue to experience across our portfolio.

We are pleased with the results we have delivered to our investors, including a 3.2% return in Q1 2024 and 12.4% annualized since inception (both are to Class F unitholders participating in our DRIP). With a strong acquisition pipeline in front of us, we are actively raising capital to pursue multiple opportunities and continue our expansion across Canada. The future looks strong, and we are confident in our strategy and the corresponding returns for our investors.

 

Below is the link to our Management Report. We have also included links to our Q1 2024 Financial Statements and 2023 Audited Financial Statements. Please contact us if you have any questions.

 

Q1 2024 Management Report

Q1 2024 Financial Statements

2023 Audited Financial Statements

Alignvest Student Housing Acquisition

by on April 22, 2024 with No Comments
ACQUISITION OF HIGH-QUALITY ASSET IN WATERLOO, ONTARIO

We are pleased to announce that we have entered into a binding contract to purchase a residential property located at 308 King Street North, Waterloo, Ontario (“308 King”).

308 King is a newly constructed, 25-storey building with 340 furnished units, providing housing for 659 students. The property is located within walking distance of both Wilfrid Laurier University and the University of Waterloo. The property offers on-site laundry, rooftop terraces with barbeques and lounge areas, an above-grade parking garage and bicycle parking. There is over 8,000 square feet of ground floor commercial space.

With the addition of 308 King, Alignvest Student Housing REIT will own a portfolio that provides housing for almost 6,000 students across 14 properties in six university-focused Canadian markets.

The acquisition is scheduled to close in May 2024. Below is the link to the full press release announcing the acquisition of 308 King.

 

Press Release - 308 King Acquisition

April 2024 Information Sheet

Student Housing Acquitistion

by on March 5, 2024 with No Comments

ACQUISITION OF HIGH-QUALITY STUDENT HOUSING ASSET IN OTTAWA, ONTARIO

We are pleased to announce the acquisition of a purpose-built student accommodation asset located at 417 Nelson Street, Ottawa, Ontario (“417Nelson”).

417Nelson is a modern 4-storey building with 94 beds in 53 fully furnished units. The property is in close proximity to our other Ottawa properties, which allows for operational efficiencies and enables us to continue to provide high-quality accommodation to students in the area. With this acquisition, we were able to assume attractive in-place CMHC financing which has a below-market interest rate of 2.32% and over six years of remaining term.

With the addition of 417Nelson, Alignvest Student Housing REIT now owns a portfolio of over 5,300 beds across 13 properties in six university-focused Canadian markets.

 

Below is the link to the full press release announcing the acquisition of 417Nelson.

 

 

 

 

 

 

 

Press Release - 417Nelson Acquisition February 2024 Information Sheet

Change is Coming – Always Improving

by on February 7, 2024 with No Comments

At MFG, our Mission Statement is to be “Always improving”. Over the past 15 months, we have been refining the process of how we can better deliver our investment platform to our clients. Utilizing partnerships and data collected over the years, we’ve come up with a solution that we believe will improve our investment platform and improve our clients overall experience with MFG.

What is Changing?

We are transitioning to an investment model platform. Working with your Portfolio Manager, it will be determined which model is appropriate for you. Once this has been determined, you will own one or more of the new MFG Investment Models – Aggressive, Growth, and/or Balanced. These new Model Funds are built using the best investment managers and strategies that our team has researched. The platform utilizes the same investment philosophies of delivering an institutional quality portfolio to our clients.

The Benefits to our Clients

1. Increased Performance

    – Via enhanced portfolio construction and efficient management capabilities

2. Time spent with your Portfolio Manager

   – Spend more time focusing on other value add areas of your financial lives – IE: financial planning, insurance analysis, tax work, etc.

3. Communication will be improved through detailed Quarterly Reports

   – These reports will include facts about the Model Fund, general market commentary and additional information that our PM Division finds relevant to our clients

 

When to Expect the Change – April 1st, 2024

We are very excited to be able to deliver this new and improved platform to our clients. There has been a lot of work put in by our team to get us to this point. As we approach April 1st, you can expect to receive multiple communication pieces from our team diving into deeper details on the upcoming changes. If you have any questions on the upcoming change and what it might look like for you personally, please don’t hesitate to reach out to your MFG Portfolio Manager.

We want to thank you for your continued trust and support of MFG. Without you, none of this would be possible.

Stay tuned.

 

PDF Version

StoreWest Bluebird Development Fund Q3 Report

by on November 2, 2023 with No Comments

StoreWest Bluebird Development Fund

The StoreWest Bluebird Self-Storage Development Fund (“The Fund”) is off to a fantastic start. 3projects have begun construction, 4-6 projects have the potential to begin construction by next spring, and new opportunities are being presented to us on a weekly basis. We are very happy with the pace of progress thus far.

Q3 2023 Development Fund Report

StoreWest Bluebird Development Fund Q2 Report

by on November 2, 2023 with No Comments

StoreWest Bluebird Development Fund 

The Fund’s investment objective is to achieve capital appreciation through the development and sale of Class A self-storage projects across Canada.

 

Q2 2023 Report

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