On June 12, 2023, Northview Fund announced it has finalized agreements to purchase three multi-family portfolios for approximately $742 million, creating Canada's only predominantly residential Real Estate Investment Trust (REIT) spanning nine provinces and two territories. The transaction includes properties in Alberta, Ontario, Nova Scotia, and Québec purchased from Galaxy Value Add Fund LP, affiliated with Starlight Investments and KingSett Capital, properties from D.D. Acquisitions Partnership, and a portfolio in Winnipeg from global institutional investors.

This initiative is part of a broader transaction that also involves amending Northview's declaration of trust to align with conventional open-ended REIT structures and facilitate future acquisitions. These changes mark a significant recapitalization effort aimed at bolstering Northview's financial standing and growth prospects.

The transaction is structured to enhance Northview's geographic diversity and financial stability, featuring over 14,600 residential suites and significant commercial space. It is expected to reduce the REIT's debt to gross book value by about 500 basis points and extend existing bank facilities.

The restructured REIT, to be known as Northview Residential REIT, will internalize management, which should lead to cost savings and improved liquidity. Legal advisement for the fund was provided by Blake, Cassels & Graydon LLP, with Wildeboer Dellelce LLP advising the special committee, and Osler, Hoskin & Harcourt LLP representing Galaxy Value Add Fund LP. CIBC World Markets Inc. served as the financial advisor.