Minto Apartment Real Estate Investment Trust Files Preliminary Prospectus for Initial Public Offering of Trust Units

Minto Apartment Real Estate Investment Trust

Ottawa, Ontario – May 23, 2018 – Minto Properties Inc. (“Minto Properties”) and Minto Apartment Real Estate Investment Trust (the “REIT”) announced today the filing and receipt of a preliminary prospectus in respect of the REIT’s initial public offering of trust units (the “Units”) of the REIT (the “Offering”).  

Minto Properties, one of The Minto Group of companies (collectively, “Minto”) established in 1955, is a fully integrated real estate enterprise with expertise in asset management, property management, investment transactions, development, financing and all related support functions.

On closing of the Offering, the REIT will acquire a portfolio of 22 high-quality income-producing multi-residential rental properties from Minto Properties with 4,279 suites, located in Toronto, Ottawa, Calgary and Edmonton (the “Initial Properties”). The Initial Properties represent all of Minto Properties’ wholly-owned multi-residential properties. The REIT will employ an experienced executive and operational team of real estate professionals, comprising former Minto employees and employees who will be employed by both the REIT and Minto. Additional administrative services required to operate the REIT will be provided by Minto Properties on a cost recovery basis under an administrative support agreement.

On closing of the Offering, the REIT will enter into a strategic alliance agreement with Minto giving the REIT potential access to additional high-quality multi-residential properties in which Minto has an interest.  

The offering is being distributed by a syndicate of underwriters jointly bookrun by TD Securities Inc. and BMO Capital Markets.

Goodmans LLP is acting as legal counsel to the REIT and Minto Properties, and Blake, Cassels & Graydon LLP is acting as legal counsel to the underwriters.

A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any of the underwriters listed above and are available at www.sedar.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

Completion of the REIT’s initial public offering is subject to the receipt of customary approvals, including regulatory approvals.

The Units have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, ''U.S. persons'' (as defined in Regulation S under the United States Securities Act of 1933, as amended) except pursuant to certain exemptions. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States or to, or for the account or benefit of, U.S. persons.

About Minto Apartment Real Estate Investment Trust

Minto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established to own income-producing multi-residential properties located in urban markets in Canada.

About Minto / Minto Properties Inc.

Minto Properties is a division of The Minto Group of companies and currently owns and operates the properties to be owned by the REIT. 

The Minto Group is one of the premier real estate companies in Canada with a fully integrated real estate investment, development and management platform. Since its inception in 1955, Minto has built more than 85,000 new homes, and currently manages more than 13,000 rental suites and 2.5 million square feet of office and retail space. As an investment manager, Minto also manages private capital on behalf of institutional clients. Minto has been well recognized by the Canadian real estate industry for its leadership. Recent notable awards and accolades for Minto Properties include the Federation of Rental-Housing Providers of Ontario’s Amenities Award of Excellence and Customer Service Award of Excellence in 2017. The Minto Group is a two time winner of the prestigious Building Industry and Land Development Association’s Green Builder of the Year (including 2017), four-time winner of EnerQuality’s Ontario Green Builder of the Year award and two-time winner of the Ontario Home Builder Association’s Home Builder of the Year.  

Forward-Looking Statements

This press release may contain forward‐looking information within the meaning of applicable securities legislation, which reflects the REIT’s and Minto Properties’ current expectations regarding future events. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s or Minto Properties’ control which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to, failure to complete the offering and related transactions, and the factors discussed under “Risk Factors” in the preliminary prospectus of the REIT dated May 23, 2018. Neither the REIT nor Minto Properties’  undertakes any obligation to update such forward‐looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

FOR FURTHER INFORMATION PLEASE CONTACT:

Michael Waters
Chief Executive Officer
The Minto Group
Tel: 613-230-7051

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