On December 18, 2024, Forum Asset Management's Real Estate Income and Impact Fund ("REIIF") completed the acquisition of the assets of Alignvest Student Housing Real Estate Investment Trust ("ASH REIT"), increasing REIIF's gross asset value to over $2.4 billion. The transaction, initially announced on October 16, 2024 and approved by ASH REIT unitholders on November 20, 2024, adds 17 properties with 7,159 beds across seven university-focused markets to REIIF’s portfolio. This acquisition strengthens Forum’s position as the leading owner and developer of purpose-built student accommodations (PBSA) in Canada, bringing its total managed beds to nearly 10,500.

A portion of the purchase price was financed by a lending consortium comprising BMO, KingSett Capital, and TD Asset Management. Forum also acquired a majority interest in Campus Assets Inc., a student housing developer, expanding its development pipeline to over $3.5 billion.

Legal and financial advisors for the transaction included Fasken, BLG, CBRE, KPMG, PwC, Grant Thornton, and Bonard.