Alignvest Student Housing REIT Gains Unitholder Approval for Merger

Exciting New Chapter for Alignvest Student Housing REIT

Alignvest Student Housing Inc. ("ASH") has reached a significant milestone as its unitholders of Alignvest Student Housing Real Estate Investment Trust ("ASH REIT") have overwhelmingly approved the proposed merger with Forum Real Estate Income and Impact Fund ("REIIF"). Over 99% of the votes cast by unitholders were in favor of the resolutions necessary for this merger, marking a decisive and positive step for the organization.

Details of the Approval Process

During the special meeting held for unitholders, significant resolutions regarding the previously announced merger were discussed. The favorable votes included 99.03% from all unitholders present and 98.62% from those representing the majority of the minority approval. This strong support indicates a robust confidence in the combined entity's prospects.

Merger Timeline and Next Steps

The transactions related to this merger are slated to close before the end of 2024, pending customary closing conditions. Notably, the Competition Bureau has granted clearance for the merger, alleviating regulatory concerns and paving the way for a smooth conclusion.

Distribution Updates for Unitholders

In anticipation of the merger's closing, ASH REIT has decided to suspend regular distributions for November and December. This suspension is aimed at facilitating the transaction process and ensuring that unitholders receive a satisfactory amount of cash and units in the new entity, which may be greater than if distributions continued during this period.

Redemption and Cash Offers for Unitholders

Preliminary results suggest that unitholders opting for a cash redemption will see their requests fulfilled at 100%. Members looking to make adjustments to their redemption request must reach out to ASH before a specified deadline to ensure their preferences are accommodated.

Understanding ASH REIT's Foundation and Vision

ASH REIT was established in 2018 with the aim of consolidating the student accommodation sector in Canada by developing high-quality, purpose-built accommodations. Over the past several years, it has amassed a portfolio comprising 17 properties and over 7,000 beds situated in proximity to major universities.

Investment Strategy and Future Goals

As an unincorporated open-ended real estate investment trust, ASH REIT is dedicated to owning and managing income-generating properties committed to student living. By offering units continuously, the REIT is open to investors classified as "accredited investors," ensuring a diverse base of support.

About Forum Real Estate Income and Impact Fund

REIIF is dedicated to investing in high-quality, multi-family rental apartments and purpose-built student accommodations within constrained supply markets. Their focus on ESG (Environmental, Social, and Governance) principles positions them as leaders in sustainable investing while aiming to achieve strong financial returns.

Frequently Asked Questions

What was the outcome of the unitholders' meeting?

The unitholders overwhelmingly approved the merger, with over 99% voting in favor.

When is the expected closing of the merger?

The merger is expected to close before the end of 2024, pending standard conditions.

What will happen to distributions during the merger?

ASH REIT will suspend distributions for November and December to facilitate the merger process.

Will unitholders be able to redeem their units for cash?

Yes, unitholders who submitted requests will have their units redeemed for cash at 100%.

What is the long-term vision of ASH REIT?

ASH REIT aims to consolidate the student housing market and enhance living standards for students across its properties.

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