FORUM STUDENT LIVING FUND I COMPLETES FIRST CLOSE AT C$100M IN ASSETS

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

Forum Student Living Fund I is a distinct, closed-end investment vehicle and is separate from the other investment funds managed by Forum Asset Management Inc. and its affiliates, including the Forum Real Estate Income and Impact Fund ("REIIF"), Forum's privately offered, non-traded, open-ended fund, which has approximately C$2.9 billion in assets under management and continues to accept new investor subscriptions.

TORONTO, July 22, 2026 /CNW/ - Forum Student Living Fund I (the "Trust"), together with its sponsor Forum Asset Management Inc. ("Forum"), announced today the successful completion of its inaugural capital raise, securing C$46.7 million in total gross equity proceeds.

The capital raise consisted of (i) an initial public offering of trust units (the "Offering"), pursuant to which the Trust issued an aggregate of approximately C$43.3 million of trust units, comprised of 1,475,200 Class A Units, 88,000 Class C Units, and 2,769,464 Class F Units of the Trust at a price of C$10.00 per Class A Unit, Class C Unit, and Class F Unit, (ii) a non-brokered private placement of 70,000 Class C Units at a price of C$10.00 per Class C Unit raising total gross proceeds of C$700,000, (iii) a non-brokered private placement of 30,000 Class B limited partnership units in a subsidiary of the Trust at a price of C$10.00 per Class B limited partnership unit raising total gross proceeds of C$300,000, and (iv) a co-investment by an affiliate of Forum, funded directly from Forum's balance sheet.

The Trust also announced that it has received commitments for a private placement offering of Class B limited partnership units (the "Private Placement"), which is expected to close on or before the date that is 90 days following the closing of the Offering. Subscriptions to the Private Placement will continue to be accepted on a first-come, first-served basis, subject to availability. To date, the Trust has received commitments of C$3 million in total equity proceeds pursuant to the Private Placement.

The trust units in the Offering were offered to the public through a syndicate of agents led by CIBC World Markets Inc., which included iA Private Wealth Inc., Wellington-Altus Private Wealth Inc., Canaccord Genuity Corp., CI Investment Services Inc., Desjardins Securities Inc., Raymond James Ltd. and Richardson Wealth Limited..

The Trust is an unincorporated investment trust established to invest in a portfolio of Canadian purpose-built student accommodation ("PBSA") properties. Immediately following closing of the Offering, the Trust indirectly acquired interests in three income-producing PBSA properties and a preferred interest in one PBSA development, and has committed to acquire an interest in a fourth income-producing property once its development is complete (together, the "Portfolio"), all located in Ontario, Canada. Together, these interests represent a Portfolio with an aggregate gross asset value of approximately C$100 million, reflecting the scale of the Trust's initial investment. The remaining net proceeds from the Offering and the Private Placement will fund the fourth acquisition, with any excess used to increase the Trust's interests in the other Portfolio properties.

Tate Abols, Managing Partner of Forum, said: "Completing this offering in today's fundraising environment reflects investors' conviction in both the Canadian purpose-built student housing sector and Forum's investment platform. We were pleased to attract a broad and diversified investor base seeking exposure to an asset class supported by strong enrollment growth, resilient demand and constrained supply. We are investing alongside our investors through a meaningful co-investment, reinforcing our long-term alignment with unitholders."

Forum is an investor, developer and asset manager operating across North America for over 30 years, focusing on real estate, self storage, private equity and infrastructure, with a strategic concentration in housing. The enterprise value of Forum's assets under management currently exceeds C$3.8 billion.¹ Forum, an affiliate of Forum Investment and Development Corporation, is the promoter of the Trust and will also act as manager of the Trust and the Portfolio.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

About Forum Student Living Fund I

The Trust is an unincorporated investment trust and was established for the primary purpose of investing in a portfolio of Canadian purpose-built student accommodation properties.

Forward-looking Statements

This news release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the Trust and Forum regarding future events, including statements concerning the Private Placement, the commitments relating thereto and the timing of the second closing thereof, the anticipated use of proceeds of the Offering and the Private Placement, the expected closing on the fourth income producing property, and the potential increase in ownership in the income producing properties. In some cases, forward-looking statements can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.

Material factors and assumptions used by management of the Trust to develop the forward-looking information include, but are not limited to, the Trust's current expectations about: demand in the Canadian PBSA market; demographic trends in Canada; student enrollment levels at nearby post-secondary institutions, including domestic and international student enrollment trends and policies affecting international student study permits; the underlying credit quality of post-secondary institutions; the realization of property value appreciation and timing thereof; the inventory of PBSA properties; the availability of PBSA properties for acquisition (other than the properties comprising the Portfolio) and the price at which such properties may be acquired; the price at which properties may be disposed and the availability of liquidity in real estate capital markets at the time of disposition; achievable rental rates, occupancy levels and leasing velocity at the properties comprising the Portfolio; closing and other transaction costs in connection with the acquisition and disposition of or interests in the properties comprising the Portfolio; the availability of mortgage financing and current interest rates; the capital structure of the Trust; the extent of competition for PBSA properties; assumptions about the markets in which the Trust intends to operate; assumptions about the future supply and demand of the Canadian PBSA industry; assumptions on the stability of the PBSA asset class and expected stability of the Trust; expenditures and fees in connection with the maintenance, operation and administration of the properties comprising the Portfolio; any capital costs to expand the scope of the Portfolio; the ability of Forum to manage and operate the properties comprising the Portfolio; the global and Canadian economic environment, including changes in interest rates, capitalization rates and the rate of inflation; fluctuating global economic conditions; and governmental regulations or tax laws. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the Trust's internal projections, expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the Trust's control, could cause actual results in future periods to differ materially from current expectations of estimated or anticipated events or results expressed or implied by such forward-looking statements. Such factors include the risks identified in the final prospectus of the Trust dated June 26, 2026, including under the heading "Risk Factors" therein. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the Trust undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

______________________________

¹ All figures are unaudited and based on Forum's internal figures, data and analysis.

SOURCE Forum Student Living Fund I

For further information, please contact: Domenic Gallippi, Managing Director, Alternative Assets, [email protected]