MONTREAL, Oct. 28 /CNW Telbec/ - The Cirvek Fund I, L.P. real estate
investment and development fund created last January announced today it has
completed the acquisition of 150 Bloor Street West, a 270,000 square-foot
office building situated in the heart of the high-end Bloor-Yorkville sector
of the city.
"We are immensely pleased with this transaction, since it represents the
type of properties we are seeking to acquire and reposition" stated Richard
Hylands, president of Kevric Real Estate Corporation and managing partner of
Cirvek Fund I, L.P.
Overall investment of almost $120 million
Kevric plans to quickly revitalize and reposition 150 Bloor as a
prestigious multi use building. The project will devote 234,500 square feet to
office space, with an additional 36,500 square feet being leased as retail.
Kevric is currently negotiating with several major retail tenants for large
street front locations on Bloor street.
"Presently, the building is partially unoccupied. This works in our
favour by allowing us to carry out our repositioning plan for which we have
allocated a budget of approximately $30 million." said Mr. Hylands. "This
amount, plus the acquisition price, brings the overall investment within the
range of $120 million."
A strategic location
Kevric, on behalf of Cirvek Fund I, L.P, has been seeking major
investment opportunities and views this acquisition as being particularly
attractive because of its prime location in one of Toronto's most illustrious
districts. Some of the city's most elegant buildings are in this neighborhood,
including the recently renovated Royal Ontario Museum, the Manulife Centre and
the Holt Renfrew Centre and it is regarded as Toronto's "Golden Mile". A
diverse array of boutiques, major retail brands, condominiums, art galleries
and restaurants all contribute to the flair and prestige of this area of the
About Cirvek Fund I, L.P
Founded in January 2008 by Kevric Real Estate Corporation, Cadim and
another institutional partner, the Cirvek Fund I, L.P. real estate investment
and development fund looks for investment opportunities that enable it to
acquire new or existing properties in the key Montreal, Toronto and Ottawa
markets. The Fund primarily seeks out property investments in the office,
retail, industrial and residential/condominium sectors.
About Kevric Real Estate Corporation
Kevric, the Fund's managing partner, offers specialized services for new
developments and re-developments, property and asset management, marketing,
leasing and project financing. Kevric, with offices in Montreal, Toronto and
Ottawa/Gatineau is co-owner and manager of Place Bonaventure in Montreal and
the Fontaine Building in Gatineau. It is also the asset and property manager
for a portfolio of 1.5 million square feet of retail, office and industrial
properties in Toronto. Kevric was also a key player in the repositioning of
the Dominion Square building in Montreal.
Cadim, a division of the Caisse de depôt et placement du Québec, manages
investments in residential and hotel assets as well as loans and other
financial products. Well-known in the real estate sector for its innovative
approach, Cadim relies on partnerships worldwide to rapidly take advantage of
promising business opportunities.
For further information:
For further information: Diane Jeannotte, Diane Jeannotte
Communications, (514) 284-2860, extension 2, C: (514) 772-8019; Source:
Richard Hylands, (514) 397-2220