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Artis REIT and RFA Capital expect to complete their proposed merger in the first week of February, the organizations announced.

Stockholders have approved the organizations’ proposed merger.

Under the terms of the proposed agreement, RFA is slated to acquire Artis for an undisclosed price through a plan of arrangement in take-private deal. Artis will become a wholly owned subsidiary of RFA, which will then change its full name to RFA Financial.

“We are pleased to announce that we are on track to close the transaction in the coming weeks,” said Samir Manji, president and CEO of Artis. “This transaction represents a compelling and strategic opportunity for our owners. By combining Artis’s proven real estate portfolio with RFA’s growing banking and mortgage platforms, we are creating a company with multiple avenues for growth, substantial access to capital, and potential for enhanced returns.

“This provides our unitholders with exposure to Canada’s attractive financial-services sector and presents a unique opportunity to participate in the expansion and scaling of a schedule I bank in Canada. We believe this transaction will create value for our unitholders and appreciate their support as we embark on this exciting new chapter for both Artis and RFA.

The deal still requires final court approval, along with customary regulatory approvals and a waiver of customary closing conditions.

Both organizations held their investor votes separately last Thursday. All securityholder approvals have now been obtained.

In addition, Ben Rodney, Samir Manji, Lis Wigmore, Steven Joyce, Mike Shaikh, Heather-Anne Irwin, Jacqueline Moss and Richard Bradlow were elected the the merged firm’s future board.

Pending the deal’s completion, Rodney will serve as president and CEO, Manji will become executive chair, Jaclyn Koenig will take on CFO duties and Melody Lo will be chief operating officer. Rodney currently chairs Artis and serves as president of Toronto-based RFA. Manji is currently the Winnipeg-based REIT’s president and CEO, while Koenig is its CFO.

“The closing of this transaction will mark a truly transformative milestone for both organizations,” said Ben Rodney, Chair of Artis’s Board of Trustees and President, CEO and Managing Partner of RFA. “RFA contributes a dynamic banking platform with scalable economics and strong operating momentum. By coming together, we are building a more resilient financial services platform that is poised for growth. For investors, this transaction delivers a compelling combination of scale, diversification, and strategic synergies that position us to generate stronger long‑term returns. We look forward to the opportunity that is in front of us and to advancing our shared vision as a unified organization.”

The stockholders’ approval came after proxy advisors Institutional Stakeholder Services and Glass Lewis supported the REIT’s proposed sale.

In addition, CIBC Capital Markets and Haywood Securities have supported the proposed take-private deal in fairness opinions provided to the REIT.

Artis owns properties across Canada and the U.S. Most of the REIT’s assets are located in Western Canada.

Artis previously said its board unanimously approved the planned all-stock transaction. The proposed deal has also received federal approval in accordance with the Competition Act.

If the transaction closes, Artis will be delisted from the TSX and become a subsidiary of RFA Financial. But current Artis unitholders will own most of the stock in the new firm.

Under the proposed deal, Artis unitholders will receive one common share of RFA Financial for each unit that they hold, representing 68% of the combined company.

The combined entity is slated to be listed on the Toronto Stock Exchange and feature a Schedule I bank, RFA Bank of Canada, alongside RFA’s mortgage-origination platform. Artis’ commercial real estate portfolio will become part of the new platform, with proceeds from future asset sales expected to be redeployed into RFA’s higher-growth financial services businesses.

The proposed merger comes after Artis concluded a strategic review process that lasted more than a year and resulted in $1.1 billion in divestments for debt-reduction purposes. Artis and RFA plan to continue selling the REIT’s assets as part of a rationalization process and use the “substantial net proceeds” to support growth opportunities in RFA’s financial-services platform.

The organizations have said the planned capital investments would generate material higher returns at a faster rate than a standalone REIT could produce.

The proposed merger is expected to close in the first quarter of 2026.

Pictured: Calgary office building.

Photo: Artis REIT