- What Forum Asset Management bought Alignvest Student Housing REIT for $1.7bn
- Why The firm’s Real Estate Income and Impact Fund agreed to buy the platform in October
- What next Deal adds 7,159 beds to Forum’s portfolio
Forum Asset Management has closed its purchase of Alignvest Student Housing REIT for $1.7bn.
The firm’s Real Estate Income and Impact Fund agreed to acquire ASH REIT in October. The deal comprises 17 properties with 7,159 beds across markets including Edmonton, Halifax, Hamilton, Montréal, Ottawa, Oshawa and Waterloo.
A consortium including BMO, KingSett Capital and TD Asset Management provided debt to fund a portion of the purchase price.
Following the deal, Forum manages nearly 10,500 purpose-built student-housing beds in Canada. The firm also plans to expand its development program. Aly Damji, Forum managing partner of real estate, told Green Street News in an interview last year that the firm has more than 3,000 beds under construction across Canada.
Forum also purchased a majority stake in student-housing developer Campus Assets from Alignvest Student Housing Inc.
ASH REIT made multiple acquisitions in 2024 including a 340-unit student-housing building and a 952-unit property, both in Waterloo, Ont. The REIT also purchased a 246-bed property in Montréal close to Concordia University and McGill University.
