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Sign in Sign up for a FREE subscriptionNorthview launches $2b Canadian residential REIT
Northview Fund has formed into Northview Residential REIT, one of Canada’s only predominantly residential REITs, with exposure to nine provinces and two territories.
It will be a C$2.7 billion ($2 billion), internally managed, traditional open-ended real estate investment trust focused on national multi-family properties.
The fund has entered into purchase and sale agreements for the purchase of three multifamily portfolios for an aggregate purchase price of about C$742 million ($556 million).
It has acquired a Canadian portfolio with properties in Alberta, Ontario, Nova Scotia, and Québec that will be purchased from Galaxy Value Add Fund LP, an affiliate of Starlight Investments and certain funds managed by KingSett Capital.
It bought four properties from D.D. Acquisitions Partnership, and a portfolio of properties in Winnipeg, Manitoba, will be purchased from two global, institutional investors.
The acquisitions total more than 3,300 multi-fam
