M&A Creates Canadian Powerhouse
- Aug 12, 2015
Calgary, Canada — Northern Property REIT (NPR) announced this week that it has created Canada’s third-largest multifamily REIT with the acquisition of True North Apartment REIT and a 4,650-unit portfolio from Starlight Investments Ltd. joint venture. That portfolio was picked up for $534 million, which came in the form of cash, assumption of debt and the issuance of NPR trust and class B limited partnership units.
The deal also comes with a name change for NPR, which will now be known as Northview Apartment Realty Investment Trust, or just Northview for short. Let’s meet the new Northview.
With a portfolio of 25,000 units located in eight provinces and two territories, Northview’s expected enterprise value exceeds $3 billion. The company has its own nationwide asset and property management platform, and employs nearly 800 people. The portfolio spans more than 60 Canadian markets, with a breakdown detailed in the chart below.
“We are excited about creating a leading multi-family Canadian REIT,” says Todd Cook, CEO of Northview. “Northview’s national platform and diverse portfolio will provide unitholders of both NPR and True North with a unique opportunity to build a great Canadian business.”