Brookfield has made an investment of up to $100 million into the Forum Real Estate Income and Impact Fund (REIIF), as part of the fund’s acquisition of the $1.7-billion Alignvest Student Housing REIT.

The announcement comes just a few weeks after a BNN Bloomberg news report indicated Brookfield has put its Spanish student housing business Livensa Living up for sale. The report suggested the Livensa portfolio could be valued at approximately $2 billion (all figures Cdn. unless otherwise noted).

Brookfield had been founded and based in Toronto before recently moving its headquarters to New York. The global investor holds over $1 trillion in assets under management across a wide range of vehicles, including extensive international real estate holdings.

Forum considers the investment from Brookfield as a validation of its student housing strategy in Canada, where it is working to consolidate a highly fragmented sector.

"This important investment by Brookfield into REIIF is validation of our strategy and underscores the opportunity for large scale institutional investment in Canadian student housing,” Richard Abboud, the founder and CEO of Forum, said in the announcement. 

“Brookfield's capital will enhance REIIF's financial flexibility, support portfolio growth, and strengthen our ability to deliver critically needed, professionally managed student housing across Canada."

Forum's Real Estate Investment and Impact Fund

REIIF is a private real estate investment trust which owns and operates a student housing and multifamily portfolio valued at approximately $2.4 billion. It is the largest private owner of purpose-built student housing accommodations in the country, with properties focused on major university and college markets.

It is comprised of 31 “institutional-quality” properties and approximately 10,500 beds. The fund invests in stabilized assets. 

It also recently closed on the acquisition of what is now known as ALMA @ Byward Market, a new construction, 742-bed apartment complex at 256 Rideau St., in downtown Ottawa. It is in close proximity to Ottawa University and other downtown post-secondary institutions.

In addition to the acquisitions, Forum itself is also involved in development. The firm is currently developing ALMA @ Cabbagetown Toronto at 307 Sherbourne St., near the Toronto Metropolitan University campus - though this activity takes place outside of the REIIF.

The 15-storey tower is to contain 236 beds in 192 fully furnished units, though Forum was seeking approval to add three additional storeys to the project.

Brookfield and student housing

Brookfield’s student housing portfolio is valued at over $7 billion, with 60,000 beds across Europe, the United States, the United Kingdom, and now in Canada.

“Brookfield's investment in REIIF is underpinned by attractive Canadian long-term supply demand-fundamentals and the institutional quality of REIIF's portfolio,” the announcement from Forum states.

Forum’s acquisition of the Alignvest Student Housing REIT (also known as ASH REIT) was one of the largest commercial real estate transactions announced in Canada during 2024. The portfolio included 17 properties and 7,159 beds in seven major Canadian post-secondary school markets.

ASH REIT had been founded in 2018.

As for the Livensa fund, Brookfield has been steadily expanding the portfolio since it was acquired in 2019 under its Strategic Real Estate Partners III fund. 

Livensa comprised five properties when it was acquired, and now has 22 including several under development. These assets include a total of 9,000 beds, with several other planned developments in its pipeline.  

About Forum Asset Management

Forum has been an investor, developer and asset manager operating across North America for over 28 years, focusing on real estate, private equity and infrastructure, with a concentration in housing.

Forum Real Estate Income and Impact Fund is a fund consolidating institutional-quality purpose-built student housing, as well as multifamily and furnished rentals, in supply-constrained markets. 

EDITOR'S NOTE: This article was updated after publishing to correct a reference to the development of ALMA @ Cabbagetown. The development is being undertaken by Forum, outside of REIIF which invests only in stabilized assets. RENX apologizes for the error.