Minto Group

The Minto Group is a Canadian real estate company, based in Ottawa, Ontario. It builds homes in Ottawa, Toronto, Calgary, and Florida. It also manages multi-residential and commercial properties in Ontario and Alberta. It 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.

Minto Group
TypePrivate Company
TSX: MI.UN
IndustryReal estate
Founded1955
Headquarters
Ottawa, Ontario
,
Canada
Key people
Michael Waters (CEO)
Roger Greenberg (Executive Chairman)
OwnerThe Greenberg Family
Number of employees
1085 (2020)
Websitehttps://www.minto.com/
The Minto Metropole, built by Minto

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 been involved in a number of controversial developments, including Minto Mahogany in Manotick,[14] the Minto Midtown in Davisville,[15] Potter’s Key in Stittsville,[16] and Minto West in Palm Beach.[17]

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]

Notable Developments

Neighbourhoods

Buildings

References
  1. Willing, Jon (20 August 2017). "The Capital Builders: How the Greenbergs mix business, philanthropy and sports". Ottawa Citizen. Retrieved 5 January 2018.
  2. "About The Minto Group - Our Organization and Capabilities | Minto". www.minto.com. Retrieved 5 January 2018.
  3. GmbH, finanzen.net. "Minto Capital Celebrates Topping Off at 39 Niagara in Toronto | Markets Insider". markets.businessinsider.com. Retrieved 3 October 2018.
  4. "Minto paid $94.55M for Craig Henry community: records | Ottawa Business Journal". www.obj.ca. Retrieved 9 March 2018.
  5. "Canada's Richest People: The Greenberg Family". Canadian Business - Your Source For Business News. 24 December 2015. Retrieved 5 January 2018.
  6. Elliott, Bruce (1990). The City Beyond: A History of Nepean, Birthplace of Canada's Capital 1792-1990. the City of Nepean. pp. 277–279. ISBN 1-55036-258-5.
  7. Bagnall, James (9 October 2013). "Minto No Longer All in the Family". The Ottawa Citizen.
  8. "Ottawa real estate giant Minto files for initial public offering estimated at $200 million on TSX". Ottawa Citizen. 24 May 2018. Retrieved 28 May 2018.
  9. "Canada's Minto Is Said Seek $156 Million in Real Estate IPO". Bloomberg Quint. 10 May 2018. Retrieved 18 May 2018.
  10. "Minto REIT shares rise 9% in first day of public trading | Ottawa Business Journal". www.obj.ca. Retrieved 12 July 2018.
  11. Lorinc, John (8 December 2016). "Builders flock to high-end rental development". The Globe and Mail. Retrieved 5 January 2018.
  12. Langston, Patrick (5 June 2015). "Minto Communities marks 60th anniversary". Ottawa Citizen. Retrieved 5 January 2018.
  13. Goodman, Jennifer (25 May 2016). "Minto announces three new large-scale communities". BuilderOnline.com. Retrieved 5 January 2018.
  14. "Controversial Manotick development gains provincial approval". CTV News Ottawa. 10 April 2009. Retrieved 9 March 2018.
  15. "Residential skyscraper rising in shadow of controversy". The Globe and Mail. 3 October 2003. Retrieved 9 March 2018.
  16. "Ottawa committee to vote on controversial Stittsville subdivision plan | Ottawa Business Journal". www.obj.ca. Retrieved 9 March 2018.
  17. "Palm Beach County board endorses Minto West plan in 5-2 vote". mypalmbeachpost. 27 August 2014. Retrieved 9 March 2018.
  18. "Minto tenants say rent hike 'not justified'". The Ottawa Citizen. 30 January 2002.
  19. "'Absolutely ludicrous': Minto tenants upset visitors will have to pay for parking". Ottawa Citizen. 30 September 2017. Retrieved 9 March 2018.
  20. "Ottawa - High-Rise Buildings (all)". Emporis.com. Retrieved 26 August 2009.
  21. Moore, Aaron A. (2013). Planning politics in Toronto : the Ontario Municipal Board and urban development. Toronto: University of Toronto Press. p. 1999–. ISBN 978-1-4426-4423-6. Retrieved 18 May 2017.
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