Origin Merchant Partners is pleased to announce that it acted as Financial Advisor to the Special Committee of Northview Fund (“Northview”), providing a fairness opinion and independent formal valuations with respect to a recapitalization transaction including the acquisition of three multi-family portfolios (the “Acquisitions”) for an aggregate purchase price of $742 million, and Northview’s transformation into Northview Residential REIT (collectively the “Transaction”). The Acquisitions are as follows:
- A Canadian portfolio with properties in Alberta, Ontario, Nova Scotia, and Quebec purchased from Galaxy Value Add Fund LP;
- A portfolio of properties in Alberta and Ontario purchased from D.D. Acquisitions Partnership, an affiliate of Starlight Investments;
- A portfolio of properties in Winnipeg, Manitoba purchased from two global, institutional investors.
Northview Residential REIT will increase its support from its existing institutional investors, including affiliates of Starlight Investments and KingSett Capital, as well as a new, significant investment from a global institutional investor.
Northview was, prior to the Transaction, a three-year closed end fund with two one year extension options. The fund has almost $2 billion of total assets, with institutional investors comprised of affiliates of Starlight Investments, Kingsett Capital Inc., Alberta Investment Management Corporation and Timbercreek Asset Management. As part of the Transaction and to facilitate the Acquisitions, Northview will amend its declaration of trust in order to align the Fund with typical open-ended “real estate investment trusts” and will change its name to Northview Residential REIT. Northview Residential REIT’s portfolio will consist of 14,622 multi-family suites and execusuites and 1.25 million square feet of commercial space, located across nine provinces and two territories.