The Minto Group is a Canadian
real estate company based in
Ottawa,
Ontario. It builds homes in Ottawa,
Toronto,
Calgary, and
Florida, and manages multi-residential and commercial properties in
Ontario and
Alberta. As of 2018, Minto has built 85,000 new homes,[1] and manages $2.9 billion in assets, including 13,000 multi-residential units and 2.7 million square feet of commercial space.[2][3] The firm is one of Ottawa's largest residential landlords.[4] Minto also has a publicly traded subsidiary, holding some of its multi-residential units, called Minto Apartment
Real Estate Investment Trust. Some of Minto's joint-venture partners have been with
Lasalle Investment Management,
Greystar, and
CPPIB.
History
Minto Group was founded in 1955 by Gilbert, Irving,
Lorry and Louis Greenberg, as a home builder.[5] It was originally called Mercury Homes, but renamed itself Minto Construction Company in 1957. Its first large development was
Parkwood Hills in Nepean in partnership with Westmore Investments.[6] As part of that development, Minto built Canada's first high-rise condominium, Horizon House on
Meadowlands Drive.[1] The firm developed a number of other subdivisions in the Ottawa area in the 1960s and 1970s; in 1971, three quarters of construction in Nepean was by Minto.[6]
In the early 1980s, the firm expanded to Florida.[7]
In 1991, Roger Greenberg, son of Gilbert, became CEO, after the death of his uncle Irving.[7]
In 2013, Michael Waters, who is not part of the Greenberg family, became CEO.[7]
In May 2018, Minto announced it would hold an
IPO for its Canadian multi-residential properties.[8] The properties became part of a new entity, Minto Apartment Real Estate Investment Trust (REIT), which Minto Group continues to have a significant ownership stake in. The trust would initially own 4279 rental suites, 72% of which would be in Ottawa, with the intention of eventually holding all of Minto's 13,000 multi-residential units. Minto Group held the IPO in part to provide money to Minto's owners, the Greenberg family. Minto raised $200 million in the IPO, which took place on the
Toronto Stock Exchange.[9] The IPO took place on June 29, 2018, with an initial price of $14.50 per share, and under the share symbol MI.UN.[10]
Business
Minto Group is divided into three divisions:
Minto Apartments manages multi-residential and commercial properties, some of which have been built by Minto. Minto Apartments owns 57% of Minto Apartment Real Estate Investment Trust.[10]
Minto Communities Canada is a home builder in Ottawa, Toronto, and Calgary. It has built 60,000 homes over its history. It builds both low-rise and high-rise housing, and in recent years has been building more luxury rental projects.[11] In 2015, Minto was the largest home builder in Ottawa, with 913 homes built, and 24 percent of the market.[12]
Minto Communities USA is a Florida home builder. It has built 25,000 homes over its history.[13] It was ranked as the 56th largest home builder in the United States in 2016.[13]
The Greenberg family, who founded and still controls the Minto Group,[7] was listed as the 74th richest people in Canada in 2017, according to Canadian Business.[5]
Minto has also been involved in a number of controversies in its role as a landlord. There have been complaints about the company's proposed rent increases.[18] Minto's 2017 decision to charge for visitor parking in its Ottawa buildings also angered some tenants.[19]
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abcdeElliott, Bruce (1990). The City Beyond: A History of Nepean, Birthplace of Canada's Capital 1792-1990. the City of Nepean. pp. 277–279.
ISBN1-55036-258-5.