Forum Asset Management has announced that on 18 December 2024, its Real Estate Income and Impact Fund (REIIF) completed the acquisition of the assets of Alignvest Student Housing Real Estate Investment Trust (ASH REIT), growing REIIF’s gross asset value to over $2.4bn.
This strategic acquisition positions REIIF and Forum as the leading owner and developer of PBSA in Canada and is the largest PBSA transaction in the country’s history.
The transaction, approved at a vote of ASH REIT unitholders held on 20 November 2024, adds 17 premier properties with 7,159 beds across seven university-focused markets to REIIF’s portfolio.
With this acquisition, Forum now manages properties with nearly 10,500 beds coast-to-coast, addressing the growing demand for professionally managed, institutional quality PBSA in Canada’s supply-constrained markets.
A portion of the purchase price was funded through a consortium of strategic lending partners that included BMO, KingSett Capital and TD Asset Management, demonstrating strong financial backing and signaling support for Forum Asset Management’s investment rationale.
“The acquisition of ASH REIT is a defining moment for Forum and REIIF. It reflects our commitment to building a platform that delivers long-term value for our Unitholders and supports the essential housing needs of students across Canada.
“This investment not only strengthens our leadership position, but also aligns with our mission to develop resilient, diversified assets that drive sustainable growth.”
Richard Abboud, Founder & CEO, Forum Asset Management
In addition to this acquisition, Forum Asset Management has acquired a majority interest in Campus Assets Inc. from Alignvest Student Housing Inc. Campus Assets Inc. is a developer of student housing across Canada.
This investment enhances Forum’s development capabilities and grows its development pipeline to over $3.5bn, while expanding its potential reach in delivering both on-campus and off-campus PBSA nationwide.
Integrating ASH REIT’s assets into REIIF’s portfolio on Forum’s platform elevates our position as a leader in one of the most undersupplied PBSA markets in the world. Our focus remains on creating vibrant, tenant-centred communities that provide students with a best-in-class living experience.
“By prioritising institutional-quality management and fostering a strong sense of community, we are shaping a housing platform that supports the success of students-the future leaders of our country-while delivering consistent returns for our Unitholders.”
Aly Damji, Managing Partner, Forum Asset Management
Forum thanked its advisors who played pivotal roles in this transaction, including Fasken, BLG, CBRE, KPMG, PwC, Grant Thornton, and Bonard.
