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TORONTO, April 29, 2019 /CNW/ - Choice Properties Real Estate Investment Trust ("Choice Properties" or the "Trust") (TSX: CHP.UN) announced the completion of the acquisition of a 50% interest in a property of approximately 0.9 acres located at 27 Grosvenor Street/26 Grenville Street, near the intersection of Yonge Street and College Street (the "Property").
The Property is in an exceptional location that is within walking distance to College TTC subway station, the University of Toronto, the downtown hospital network and the financial core. Choice Properties and Greenwin Inc. ("Greenwin") plan to deliver a two-tower, purpose-built rental community, 30% of which will be maintained as affordable rental housing for a period of 40 years.
Stephen Johnson, President and CEO of Choice Properties, said, "We are delighted to enter into a partnership with Greenwin to develop this well-located property and to create a significant number of affordable units. Our intent is to create a landmark project that will make a positive contribution to the community."
"Today is an important milestone in Toronto's development history," said Cary Green, Chairman of, Greenwin. "An investment in affordable housing is an investment in a brighter future for those who need it most. Together, with our partner Choice Properties, we are excited to bring sustainable, affordable housing in a mixed-income setting to the heart of the City of Toronto."
About Choice Properties Real Estate Investment Trust
Choice Properties, Canada's premier diversified real estate investment trust, is the owner, manager and developer of a high-quality portfolio comprising 756 properties totaling approximately 68 million square feet of gross leasable area. Choice Properties owns a portfolio comprised of retail properties predominantly leased to necessity‐based tenants; industrial, office and residential assets concentrated in attractive markets; and an unmatched development pipeline. Choice Properties' strategic alliance with its principal tenant, Loblaw Companies Limited, the country's leading retailer, is a key competitive advantage providing long-term growth opportunities. For more information, visit Choice Properties' website at www.choicereit.ca and Choice Properties' issuer profile at www.sedar.com.
Greenwin is one of Canada's larges privately owned, full-service property management and development firms. Headquartered in Toronto, Greenwin is known as a leader in multi-family housing, non-profit and affordable housing, social housing and commercial properties. Greenwin's portfolio includes more than 15,000 residential units and 1,000,000 square feet of commercial space.
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Choice Properties' current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Choice Properties' control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed in the MD&A section of Choice Properties' First Quarter 2019 Report to Unitholders. Choice Properties does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Choice Properties Real Estate Investment Trust