Forum Asset Management's Real Estate Income and Impact Fund has agreed to acquire Alignvest Student Housing REIT's portfolio for $1.686 billion, enhancing its position as Canada's top provider of purpose-built student accommodations.

Information on the Target

Forum Asset Management is pleased to announce the acquisition of the complete portfolio of Alignvest Student Housing Real Estate Investment Trust (REIT) for a total of $1.686 billion. This strategic transaction is projected to finalize by the end of 2024, positioning Forum’s Real Estate Income and Impact Fund (REIIF) as the leading owner of purpose-built student accommodations (PBSA) in Canada. Following the integration of Alignvest's portfolio, REIIF will manage nearly 10,500 student beds, reinforcing its commitment to providing institutional-quality housing in key university markets across the country.

The acquisition will enable REIIF to bolster its development initiatives aimed at addressing the increasing demand for accessible and high-quality student housing in markets characterized by limited supply. By scaling its operations, Forum aims to better serve the needs of students seeking conducive living environments near their educational institutions.

Industry Overview in Canada

The Canadian real estate sector, particularly the student housing market, has been experiencing significant growth in recent years. Factors such as increased enrollment rates in higher education, a rise in international students