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Minto boss wants to see more ‘creative solutions’ as developers grapple with rising costs, fees
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‘We were unable to grow’: Michael Waters on why it was time to take Minto Apartment REIT private
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Canada
Minto Group and Crestpoint Complete $2.3 Billion Take-Private Transaction of Minto Apartment REIT
OTTAWA, ON, August 7, 2026 /CNW/ – The Minto Group (“Minto”) and Crestpoint Real Estate Investments Ltd. (“Crestpoint” and, together with Minto, the “Partners” or the “Partnership”) are pleased to announce the completion of the previously announced arrangement agreement to acquire Minto Apartment Real Estate Investment Trust (the “REIT”) (TSX:MI.UN) (the “Transaction”) in a transformative transaction representing an enterprise value of approximately $2.3 billion.
The Transaction was completed by way of a statutory plan of arrangement under the provisions of the Business Corporations Act (Ontario). Crestpoint acquired all issued and outstanding trust units of the REIT for cash consideration of $18.00 per unit, excluding units held directly or indirectly by Minto and certain senior officers. Minto has rolled over its entire 42.7 per cent equity interest into the Partnership.
With the Transaction now complete, Minto and Crestpoint have established a long-term, programmatic joint venture, with both parties committed to providing additional growth capital to fuel future expansion. The Partnership combines Minto's seven decades of residential expertise with Crestpoint's strong track record in real estate investment and asset management. Together, the Partners will focus on the long-term ownership of modern, purpose-built rental properties across core Canadian markets including Toronto, Vancouver, Calgary, Montreal, Ottawa, Victoria and Halifax. The Partnership will also target select value-add and repositioning opportunities, alongside new-build, stabilized, multi-family properties co-developed by the partnership over time.
Minto will continue to provide property management services for the jointly owned portfolio, as well as development and construction management services for future projects that meet the Partnership's investment criteria.
"We are proud to officially close this Transaction and begin our work with Crestpoint," said Michael Waters, Chief Executive Officer of Minto. "We share a clear vision for the future of Canadian housing. This Partnership allows us to expand our residential footprint and build more homes across the country, while staying true to the values that have guided our company since 1955."
"Completing this Transaction marks an exciting new chapter for Crestpoint," said Kevin Leon, President and Chief Executive Officer of Crestpoint. "We look forward to working alongside the Minto team to grow our multi-family portfolio and invest in high-quality rental communities across Canada."
Advisors
TD Securities Inc. acted as the exclusive financial advisor to the partners. Torys LLP acted as legal counsel to the partners and McCarthy Tétrault LLP acted as legal counsel to Crestpoint.
About Minto Group
The Minto Group is a premier real estate firm in Canada with a fully integrated real estate investment, development and management platform. Founded in 1955, Minto has built more than 100,000 new homes and continues to own and manage residential and commercial rental properties. With over 1,300 employees in Canada and the United States, the company's expertise spans the full spectrum of real estate investment disciplines. Minto has been recognized by Deloitte as one of Canada's Best Managed Companies.
About Crestpoint
Crestpoint Real Estate Investments Ltd.is an affiliate of Connor, Clark and Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage over $222 billion in assets for individuals, advisors and institutional investors. Established in 1982, CC&L has over 40 years of experience and has grown to be one of Canada's largest independently owned asset management firms with a presence across North America, Europe and Asia. CC&L's strategies span across equities, fixed income, alternative investments and multi-assets.
Crestpoint, established in 2010, focuses on commercial real estate and debt investments. The company collectively manages approximately $14 billion on behalf of institutional and high-net-worth clients and is a rapidly growing real estate investment and asset manager across Canada. Crestpoint's strategies span core plus real estate, opportunistic real estate, commercial debt investment and segregated funds and co-investments in all four major sectors in real estate.
Minto Group Contact
Paul Baron
Chief Financial Officer
Minto Group
Tel: 613.782.5765
Crestpoint Contact
Lindsay Stiles
Chief Operating Officer
Crestpoint Real Estate Investments Ltd.
Tel: 437.561.6105
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Minto Group completes 225-suite mixed-income rental community at 610 Martin Grove
Minto Group announces the completion of 610 Martin Grove, a new 20-storey rental community located at Martin Grove Road and Eglinton Avenue West in Toronto. The building brings 225 much-needed rental suites to the Etobicoke market, comprised of 125 market-rate suites and 100 affordable rental suites.This development is the result of a coordinated effort between Minto Group, the City of Toronto and the Canada Mortgage and Housing Corporation (CMHC). Building purpose-built rental housing in the current economic environment requires creative financial structures. By participating in the City of Toronto’s Open Door program, 610 Martin Grove received a forgivable loan along with exemptions for property taxes, development charges, building permit fees and parkland levies for the affordable units.To further support the project, Minto secured below-market construction financing through the CMHC Rental Construction Financing Initiative (RCFI) at a rate of 2.39 per cent.These combined measures allowed Minto to designate nearly half of the building as affordable housing. The 100 affordable suites are priced at 100 per cent of the CMHC average market rent, meeting the strict definitions of the Open Door program and providing immediate relief to Torontonians seeking accessible housing options.“Every Torontonian deserves a safe, affordable place to call home close to transit, jobs and the services they rely on. Through the City’s Open Door Program, we invested a value of approximately $8.8 million to help deliver 100 new affordable rental homes at 610 Martin Grove. With affordable one- and two-bedroom apartments, this project reflects the City’s commitment to making housing more attainable for Toronto families,” said Mayor Olivia Chow. "We are proud to open the doors at 610 Martin Grove and welcome 225 new individuals and families to this community," says Michelle Calloway, SVP of Operations at Minto Group. "This building is a clear example of what we can achieve when the private and public sectors work together. The support from the City of Toronto and CMHC gave us the financial foundation to deliver 100 affordable suites right where they are needed most."The completion of 610 Martin Grove adds to Minto’s extensive portfolio of residential properties across Canada and reinforces the company's commitment to building mixed-income communities that support long-term urban growth.About Minto GroupMinto is one of the premier real estate firms in Canada with a fully integrated real estate investment, development and management platform. Founded in 1955, Minto has built more than 100,000 new homes and continues to own and manage residential and commercial rental properties. With nearly 1,300 employees in Canada and the United States, the company’s expertise spans the full spectrum of real estate investment disciplines. Minto has been recognized by Deloitte as one of Canada’s Best Managed Companies.Contact information:Tamara CostaSenior Director, Corporate Brand, Marketing and Communicationstcosta@minto.com
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Minto Group named 2026 Gallup Exceptional Workplace Award (GEWA) winner
Ottawa-based real estate leader recognized for exceptional employee engagement in company's first GEWA winOttawa, ON — March 4, 2026 — Minto Group, a leading Canadian integrated real estate company with over 70 years of building communities across Canada and the United States, has received the 2026 Gallup Exceptional Workplace Award (GEWA) for employee engagement. This highly selective award recognizes the most engaged workplace cultures in the world, marking Minto's first-time recognition as a GEWA winner. Despite ongoing disruption and rapid change across the workplace, Gallup found that Minto Group continues to set the standard for building a thriving, high-performance culture. The organization creates an environment where employees feel valued, heard and equipped to do their best work, even amid complexity and uncertainty. Since its engagement journey began in 2015, Minto has seen its engagement scores rise steadily year over year, reflecting a sustained commitment to listening, learning, and continuous improvement. "Our team members are the foundation of our success,” said Michael Waters, Chief Executive Officer, Minto Group. “This award reflects their dedication to our shared mission of building better places to live, work and play. As we continue to grow and expand into new markets like Texas, maintaining our human-centric workplace culture remains our top priority." The GEWA has demanding selection criteria with organizations selected from companies worldwide that must meet specific eligibility requirements, including census-based Q12 surveys with at least 80% participation and high engagement scores. Minto is one of 78 organizations recognized out of Gallup’s global database for creating a workplace where people feel involved, energized, and connected to a shared purpose. GEWA winners demonstrate the benefits of highly engaged workforces, averaging 70% employee engagement and a 14-to-1 ratio of engaged to actively disengaged employees – significantly higher than global benchmarks. The GEWA recognition highlights Minto's comprehensive approach to employee experience, which includes a peer-to-peer recognition program, learning and development opportunities, and enhanced mental health benefits. Minto Group was also named a winner of Canada's Best Managed Companies program in 2025 for its focus on exceptional employee experience, sustainability, corporate resilience, and bold innovation.For a complete list of GEWA winners, visit the 2026 Gallup Exceptional Workplace Award Winners page (available on March 4). Learn more about the awards here.About Minto Group Established in 1955, Minto Group has successfully built a fully integrated real estate company offering new homes, condominiums, residential rentals, furnished suites, property and investment management. With 70 years in operation, the company has built over 100,000 homes across Canada and the Southern U.S. It also has ownership interests in over 11,000 high-quality, multi-residential rental units around major Canadian cities including Toronto, Ottawa, Montreal, Calgary, Vancouver, and Victoria. For more information, visit minto.com.About GallupGallup delivers analytics and advice to help leaders and organizations solve their most pressing problems. Combining more than 80 years of experience with its global reach, Gallup knows more about the attitudes and behaviors of employees, customers, students and citizens than any other organization in the world.
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Minto Group and Crestpoint to Form New Partnership and Announce Take-Private Transaction of Minto Apartment REIT
Transaction HighlightsMinto Group and Crestpoint announce the formation of a new programmatic joint venture partnership and take-private transaction of Minto Apartment REIT valued at $2.3 billionMinto Group and its affiliated entities to retain a significant equity interest in the new PartnershipThe formation of the Partnership and take-private transaction will combine the strengths of Minto Group's seven decades of expertise with Crestpoint's consistent track record of real estate investing success to form a leading Canadian multi-family owner, operator and development platform
OTTAWA, ON, January 5, 2026 /CNW/ - Minto Group ("Minto"), together with Crestpoint Real Estate Investments Limited Partnership ("Crestpoint" and, together with Minto, the "Partners"), announced today that they will form a new programmatic joint venture partnership (the "Partnership") and have simultaneously entered into an arrangement agreement (the "Arrangement Agreement") to acquire Minto Apartment Real Estate Investment Trust (the "REIT") (TSX:MI.UN) (the "Transaction").
As part of the Transaction, Crestpoint will acquire all of the outstanding trust units of the REIT, other than trust units held directly or indirectly by Minto and certain senior officers (the "Retained Interest Holders"), for $18.00 per trust unit in cash. The Transaction is valued at approximately $2.3 billion, including the assumption of net debt and the trust units of the REIT controlled by the Retained Interest Holders and the class B limited partnership units of Minto Apartment Limited Partnership held by Minto and certain affiliates.
The Partnership will create a leading Canadian multi-family platform focusing predominantly on the long-term ownership of recent generation, purpose-built rental properties in Canada. The Partnership will consider select value-add and repositioning opportunities and will look to potentially acquire new-build, stabilized multi-family properties that will be co-developed by the Partnership over time.
Minto and Crestpoint view the Partnership as long-term and programmatic, whereby both parties have agreed to provide additional growth capital to the Partnership. In addition to the seed REIT portfolio, the Partnership’s acquisition and development strategy will focus primarily on core Canadian markets, including, but not limited to, Toronto, Vancouver, Calgary, Montreal, Ottawa, Victoria, Halifax and other GTA-adjacent areas. Initial and future portfolio properties owned by the Partnership will be jointly managed by Crestpoint and Minto, with Minto providing services for property management. Additionally, Minto will provide development and construction management services on future development opportunities that meet the investment criteria of the Partnership, with oversight provided by Crestpoint.
"Minto is excited to announce this strategic transaction and partnership with Crestpoint – a best-in-class real estate investor with a shared vision and commitment to long-term success," said Michael Waters, Chief Executive Officer of Minto Group. "We believe that this partnership will best enable Minto to execute on its strategic initiatives moving forward, while ensuring the company remains true to the core values it has upheld for over 70 years."
"We are thrilled and proud to announce this new partnership and transaction with Minto," said Kevin Leon, President & Chief Executive Officer of Crestpoint. "This transaction will significantly enhance our multi-family exposure across the country while allowing us to work and grow alongside a successful and reputable partner that has decades of experience in the sector."
Advisors TD Securities Inc. is acting as exclusive financial advisor to the Partners and Torys LLP is acting as legal counsel to the Partners. McCarthy Tetrault LLP is legal counsel to Crestpoint.
About Minto Group
The Minto Group is a premier real estate firm in Canada with a fully integrated real estate investment, development and management platform. Founded in 1955, Minto has built more than 100,000 new homes and continues to own and manage residential and commercial rental properties. With over 1,300 employees in Canada and the United States, the company’s expertise spans the full spectrum of real estate investment disciplines. Minto has been recognized by Deloitte as one of Canada’s Best Managed Companies.About Crestpoint Real Estate Investments
Crestpoint Real Estate Investments Limited Partnership is an affiliate of Connor, Clark & Lunn Financial Group Ltd. (“CC&L”), a multi-boutique asset management firm whose affiliates collectively manage over $167 billion in assets for individuals, advisors and institutional investors. Established in 1982, CC&L has over 40 years of experience and has grown to be one of Canada’s largest independently owned asset management firms with a presence across North America, Europe, and Asia. CC&L’s strategies span across equities, fixed income, alternative investments, and multi-assets.Crestpoint, established in 2010, focuses on commercial real estate and debt investments. Crestpoint collectively manages over $11 billion on behalf of institutional and high-net-worth clients and is one of the fastest growing real estate asset managers across Canada. Crestpoint's strategies span core plus real estate, opportunistic real estate, commercial debt, and segregated funds and co-investments.
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News
USA
Minto Welcomes Christ Fellowship Church to Westlake
CITY OF WESTLAKE, FL — (March 6, 2023) — Minto Communities USA, the master developer and primary home builder of Westlake, welcomes the first house of worship to the city since it was incorporated in 2016. After months of planning, fundraising, and some pandemic-related construction delays, Christ Fellowship Church held its grand opening on Sunday, March 5, 2023. Visitors were treated to live worship music, teaching, a bounce house and family games.
In 2019, Christ Fellowship bought 13 acres from Minto off of Seminole Pratt Whitney Road at 16561 Waters Edge Drive to build a 38,000-square-foot worship center that features an 800-seat sanctuary. The church is approved for an additional 25,000 square feet of space to accommodate future growth.
Based in Palm Beach Gardens, the church has one of the largest congregations in the region with multiple locations throughout Palm Beach, Martin, St. Lucie, Indian River and Okeechobee counties. Church leaders saw the potential to reach even more people with a move to the fast-growing city of Westlake.
Senior Pastor, Todd Mullins, told members in a website video: “A couple of years ago, when the initial plans for Westlake were being finalized, we knew we needed and wanted to be part of this community.”
Christ Fellowship Westlake is led by Pastors Jonathan and Natalie Ferguson. The church, known for its contemporary music and worship style, offers numerous ministries related to students and young adults, kids, marriage, special missions and special needs.
“We are so glad to have Christ Fellowship Church now open in the City of Westlake,” said John Carter, Sr. Vice President of Minto Communities. “I know they have big plans to become an active member of the community and serve people throughout the entire region of Central Palm Beach County.”
Westlake is approved for 4,500 homes and more than 2-million square feet of commercial space. In 2022, the city was issued more single-family home building permits than any other municipality in Palm Beach County. Currently, Minto has a variety of single-family homes, estate homes and townhomes for sale starting in the $400s. New neighborhoods are expected to open for sales later in the year.
Minto is wrapping up construction on phase two of the Westlake Adventure Park, a sprawling $22 million amenities center. New additions expected to open over the next month include basketball courts, an adult lap pool, and a multi-purpose building with an adjoining event lawn. A resort-style lagoon pool with tower slide, covered concert pavilion, picnic area, a BMX pump park, playground and dog park are some of the amenities already open to residents for use.
On the commercial side, crews are finishing up construction of a new Publix grocery store and retail plaza, and a separate developer recently broke ground on a new retail complex that will bring a Starbucks, KFC, Taco Bell, Habit Burger, Verizon Wireless, Orange Theory, a dental practice and dry cleaners to the area. Two new 7-Eleven stores are open for residents to get gas, quick items or a hot meal.
The Westlake Sales Center is located at 16610 Town Center Parkway North in the City of Westlake, on Seminole Pratt Whitney Road between Southern Blvd. and Northlake Blvd. For more information on the community, call 888-299-3628 or visit www.WestlakeFL.com.
About Minto Communities USA:
Minto Communities USA, based in Florida since 1978, has represented integrity, financial strength and enduring value for over 45 years. Minto builds exceptional new homes and communities to meet every lifestyle, with more than 32,000 new homes built in 48 communities. Minto is dedicated to continuous improvement in design, quality and customer experience. These are just some of the elements that set Minto apart as an exceptional homebuilder and community developer and have earned the company national recognition that includes consistently high rankings from Eliant Customer Service Surveys. Minto has been recognized with multiple national awards from the National Association of Home Builders (NAHB) for community and home design, including Best Single-Family Community Over 100 Homes and Best Sales Center for Westlake in the City of Westlake; Best Mixed-Use Community and Best Clubhouse for The Isles of Collier Preserve in Naples, Florida; Best Clubhouse for the Harbour Isle Beach Club in Sarasota-Bradenton, Florida. Minto has also earned multiple Aurora Awards from the Southeast Building Conference for Westlake, including the 2018 Silver Award for Best Single-Family Residential Community.
Minto is also recognized throughout the homebuilding industry as an expert in developing active-adult communities. The NAHB named Minto as 2019’s 55+ Builder of the Year. Minto’s Latitude Margaritaville Daytona Beach was awarded 55+ Community of the Year for 2019, and Latitude Margaritaville Hilton Head was awarded 55+ Community of the Year for 2020.
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Minto Communities USA ranks 18th among Top 100 Private Home Builders in U.S.
TAMPA, FL — (March 10, 2023) — Minto Communities USA has been ranked 18th among the Top 100 Private Home Builders in the U.S. by Home Builder Executive magazine based on 2022 home closings. Minto also ranked 5th for the Greatest Gain in Closings on the Top 10 Private Home Builders list for the same time period. With 1,762 closings in 2022, Minto achieved a 24% increase over 2021 closings.
Minto Communities USA, headquartered in Florida since 1978, builds master-planned communities and homes in Florida and South Carolina. Active communities include Latitude Margaritaville Daytona Beach in Daytona Beach, Florida; Latitude Margaritaville Watersound near Panama City Beach, Florida; Latitude Margaritaville Hilton Head in Hardeeville, South Carolina, The Isles of Collier Preserve in Naples, Florida, and Westlake in Palm Beach County, Florida. Minto recently announced plans to expand into Texas with the Latitude Margaritaville brand.
According to Minto Communities USA President Mike Belmont, “Minto had a record-setting year in 2022 with four of Minto’s five master-planned communities also being recognized in the top 25 on the John Burns Real Estate Consulting list of Top 50 Master-Planned Communities in the U.S. Minto continually strives to build upon our long-standing reputation for quality, innovation, value and customer satisfaction. Our continuing success is in great part attributable to our team of dedicated and seasoned professionals who share Minto’s commitment to providing an outstanding customer experience while meeting and surpassing the expectations of our homebuyers.”
About Minto Communities
Minto Communities USA, based in Florida since 1978, has represented integrity, financial strength and enduring value for over 45 years. Minto builds exceptional new homes and communities to meet every lifestyle, with more than 32,000 new homes built in 48 communities. Minto is dedicated to continuous improvement in design, quality and customer experience. These are just some of the elements that set Minto apart as an exceptional homebuilder and community developer and have earned the company national recognition that includes consistently high rankings from Eliant Customer Service Surveys. Minto has been recognized with multiple national awards from the National Association of Home Builders (NAHB) for community and home design, including Best Single-Family Community Over 100 Homes for Westlake in the City of Westlake; Best Mixed-Use Community and Best Clubhouse for The Isles of Collier Preserve in Naples, Florida; and Best Clubhouse for the Harbour Isle Beach Club in Sarasota-Bradenton, Florida. Minto is also recognized throughout the homebuilding industry as an expert in developing active-adult communities. The NAHB named Minto Communities as 2019’s 55+ Builder of the Year. Minto’s Latitude Margaritaville Daytona Beach was awarded 55+ Community of the Year for 2019, and Latitude Margaritaville Hilton Head was awarded 55+ Community of the Year for 2020.
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