GO Residential Real Estate Investment Trust (REIT), an American company owning luxury rental apartment towers in Manhattan, is launching a US$410-million initial public offering (IPO) on the Toronto Stock Exchange. This rare move for a U.S. real estate company in Canada aims to help pay down significant debt and capitalize on Canada's "established and supportive midcap REIT market." The offering, which includes a US$90-million purchase by cornerstone backer Cohen & Steers Capital Management Inc., will total US$500-million, despite a struggling Canadian REIT market since 2022.
GO Residential, a luxury rental REIT in New York, launches rare IPO in Canada
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TL;DR: Key points with love ❤️GO Residential Real Estate Investment Trust (REIT), an American company owning luxury rental apartment towers in Manhattan, is launching a US$410-million initial public offering (IPO) on the Toronto Stock Exchange. This rare move for a U.S. real estate company in Canada aims to help pay down significant debt and capitalize on Canada's "established and supportive midcap REIT market." The offering, which includes a US$90-million purchase by cornerstone backer Cohen & Steers Capital Management Inc., will total US$500-million, despite a struggling Canadian REIT market since 2022.
- 1 March 2022: Central banks started hiking interest rates
- 2 May 2022: Dream Residential REIT went public on TSX
- 3 June 2025: Meyer Orbach sold his stake in the Minnesota Timberwolves
- 4 Current: GO Residential launches IPO
- Potential for GO Residential to pay down debt
- One of the largest real estate IPOs in Canadian history if successful
- Canadian investors may be wary due to past REIT performance
- GO Residential is targeting a 4.3-per-cent annual yield
What: GO Residential Real Estate Investment Trust (REIT) is launching a US$410-million initial public offering (IPO) on the Toronto Stock Exchange.
When: Currently launching.
Where: Toronto Stock Exchange, Canada (IPO location); Manhattan, New York City, United States (property locations).
Why: The primary goal of the IPO is to help pay down the company's significant debt. GO Residential is also banking on the strength of the NYC real estate market and Canada's "established and supportive midcap REIT market."
How: By offering US$410-million in shares, with an additional US$90-million purchase by cornerstone backer Cohen & Steers Capital Management Inc., bringing the total offering to US$500-million.