Real Estate Acquisitions in Canada

A joint venture, MCME Carell — an affiliate of Elliott Investment Management and Morning Calm Management — completed its previously announced acquisition of City Office REIT, Inc. for $7.00 per share, taking the REIT private. The buyers said the transaction reflects an opportunistic investment to create value across City Office REIT's office portfolio amid broader sector dislocation.

Morgan Properties completed the all-cash acquisition of Dream Residential Real Estate Investment Trust for approximately US$354 million, privatizing the publicly traded Canadian REIT. The deal adds 15 multifamily communities (about 3,300 units) across Texas, Ohio, Kentucky and Oklahoma; unitholders received US$10.80 per unit and Morgan plans roughly $58 million in reinvestments across the portfolio.

StorageVault Canada Inc. completed the acquisition of four additional self-storage facilities from four vendor groups for an aggregate purchase price of $60.8 million, funded with cash on hand and mortgage financing. One previously announced $2.6 million acquisition was not completed and was replaced by a $9.0 million asset, bringing StorageVault's year-to-date completed transactions to $132.6 million.

Canadian proptech and brokerage platform RealServus, backed by Round13 Capital, has acquired StreetCity Realty, a 170-agent independent brokerage operating across Ontario. The deal expands RealServus' national brokerage platform and brings StreetCity access to RealServus technology, infrastructure and scale while allowing the brokerage to continue serving local Ontario communities under the RealServus network.

Clifton Blake has merged with Metropolitan Commercial Realty Inc., rebranding the brokerage as CB Metropolitan Commercial Ltd. and integrating an active broker network of more than 250 professionals. The transaction brings commercial brokerage, leasing and local market intelligence into Clifton Blake’s integrated real estate platform to expand deal sourcing, underwriting speed, and end-to-end asset management capabilities.

Anthem Properties has acquired Calgary-based homebuilder Cedarglen Homes. The deal expands Anthem's residential development and construction capabilities, adding a builder that delivers 300+ single-family homes annually in the Calgary market.

ApartmentLove Inc. completed an all-cash acquisition of GottaRent.com and four related domains from Metroland Media Group Ltd. for C$940,000, a purchase price equal to approximately 4x EBITDA. The deal adds established Canadian SEO rankings, an active customer list and recurring revenue to ApartmentLove’s portfolio; the balance of the purchase price plus ~C$54,000 working capital was funded from the company’s debenture financing.

The Real Brokerage Inc. acquired all issued and outstanding common shares of Redline Real Estate Group (BC) Inc. through a wholly owned subsidiary, gaining Redline's real estate licence to operate in British Columbia. The deal expands Real's Canadian footprint and leverages Redline's ~90-agent team to support the company's provincial expansion.

Yardi has acquired Planimetron, a long-standing provider of space management and floorplan visualization solutions, and will rebuild and rebrand Planimetron's Propidex platform as Space Manager. The Space Manager product will be integrated into Yardi's CommercialEdge platform to expand Yardi's space-management and visualization capabilities for commercial and corporate real estate owners and operators.

eXp World Holdings, Inc. (Nasdaq: EXPI) has acquired Toronto-based Zoocasa Realty Inc. and its Zoocasa.com property to strengthen eXp Realty's online lead generation, home-search and listings portal capabilities. The acquisition (expected to close in July 2022 and completed July 14, 2022) brings Zoocasa's technology, market insights and roughly 150 in-house agents into eXp's cloud-based brokerage ecosystem.

WillScot Mobile Mini Holdings Corp. (Nasdaq: WSC) has closed the acquisition of Canadian storage services provider Storstac Inc., funded with cash on hand and borrowings under its revolving credit facility. The purchase adds more than 1,100 storage units to WillScot Mobile Mini's footprint in the greater Toronto area and strengthens its rental operations and local capabilities.

RealServus, a Canadian proptech investment and management firm backed by investors including Round13 Capital, has acquired online brokerage Property.ca and its brands Condos.ca and MrLoft.ca. The acquisition adds over 250 productive agents and prominent residential real-estate search tools to RealServus' portfolio to expand market share, technology capabilities and lead-generation services in the Greater Toronto Area.

Sutton Group Management Ltd. (SGM) has acquired Sutton Group - West Coast Realty, further consolidating its portfolio of brokerages in British Columbia. The acquisition expands SGM's scale and inventory access across Greater Vancouver and the Fraser Valley as the firm integrates West Coast Realty with its existing brokerages (Sutton Group - 1st West and Sutton Centre Realty).

Zonda, a MidOcean Partners–backed provider of residential real estate data and marketplaces, has acquired Toronto-based new-home listings portal BuzzBuzzHome. The deal expands Zonda's presence into the Canadian market and complements its existing new-home data and marketplace offerings.