- What A Forum-run fund will acquire the entirety of ASH REIT’s portfolio
- Why Forum will become the leading owner of purpose-built student housing in Canada
- What next Forum is continuing to expand its student-housing development program
Forum Asset Management’s Real Estate Income and Impact Fund will acquire the entirety of Alignvest Student Housing Real Estate Investment Trust’s portfolio for $1.7bn.
The transaction is expected to close at the end of 2024 and will include all 17 of Alignvest’s properties, with 7,159 beds across seven university markets. Alignvest unit holders will vote on the transaction.
Once complete, Forum will be the leading owner of purpose-built student accommodations in Canada with nearly 10,500 beds.
“This combination marks a pivotal step in Forum’s journey and is a testament to our team’s hard work and dedication in building a leading alternative asset manager,” said Richard Abboud, founder and chief executive of Forum Asset Management.
With a larger foothold in the Canadian market, Forum plans to expand its development program, addressing the great need for more student housing across the country.
“Our focus on delivering professionally managed, community-driven housing for students reflects our commitment to ensuring students have access to the high quality living environments,” said Aly Damji, managing partner, real estate of Forum Asset Management and REIIF head.
Forum is already on its way, having filed plans last month for an 18-storey student housing project near both Toronto Metropolitan University and George Brown College. The project, which would add 223 units to the area, is still awaiting approval from Toronto’s City Council but it is expected to be complete in time for the 2027-28 school year.
ASH REIT had been quite active this year, picking up a 340-unit student housing building and a two-tower, 952-unit property, both in Waterloo, Ont. The REIT also purchased a 246-bed property in Montréal close to both Concordia University and McGill University.
