Recent acquisitions totalling $235 million in Toronto and Montreal
MONTREAL, July 24, 2012 /CNW Telbec/ - Kevric Real Estate Corporation
today announced two new acquisitions totalling $235 million. These
acquisitions in the Ontario and Quebec markets consolidate its position
as a leading private Canadian property owner, developer and manager.
Expansion in the Ontario market
Kevric today confirmed the acquisition of Consilium Place from the
Menkes Group. Built between 1984 and 1989, the one-million-square-foot
Consilium Place is the main office complex in the Civic Centre located
east of Toronto. The complex consists of three office towers:
17-storey 100 Consilium Place, 17-storey 200 Consilium Place and
18-storey 300 Consilium Place.
Kevric partnered with an institutional investor for this acquisition.
"This acquisition heralds a new era of development east of downtown
Toronto, with the arrival of the Eglinton Crosstown LRT line, currently
under construction," said Richard Hylands, Kevric's president. "While
the Civic Centre was built in 1973, it is now enjoying a renaissance
and attracting new commercial and residential tenants."
The Consilium Place purchase follows another strategic acquisition by
Kevric in the Toronto market. In 2008, the property developer bought
150 Bloor Street West, an iconic office and retail building on the
northeast corner of Bloor Street and Avenue Road. This complex has been
repositioned as a prime commercial space in one North America's most
attractive retail areas, near Canadian Flagship stores of Louis Vuitton
Ongoing development in the Quebec market
Continuing its development in the Quebec market, Kevric has also
confirmed the acquisition of two industrial buildings on Mile End
Street in the Villeray district. These buildings, with 350,000 and
120,000 square feet of space respectively, will be converted into
commercial buildings. The cost of acquiring and converting the two
buildings will total $35 million.
Work on the Altoria project, an office and residential complex located
across from Square Victoria, is proceeding according to plan. The
office portion will be completed by late 2013 and the residential
portion by spring 2014. Aimia Group, the anchor tenant of the office
tower that will bear its name, will occupy four storeys.
About Kevric Real Estate Corporation
Over the past several years, Kevric Real Estate Corporation has
established itself as one of the leaders in property development in
Montreal and across Canada. Its growing reputation has earned it a
place among the largest private property developers and managers in
Kevric's mission is to acquire, develop and reposition properties with
the potential for strong returns in the Toronto, Ottawa and Montreal
The Company offers specialized services in building and redeveloping
properties, property and asset management, marketing and leasing, as
well as project financing. It is currently the co-owner and/or manager
of Place Bonaventure in Montreal and, following a number of sales and
acquisitions, of a dozen properties in Quebec and Ontario.
SOURCE: KEVRIC REAL ESTATE CORPORATION
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