OTTAWA, June 8, 2017 /CNW/ - Minto Capital Management Inc. ("Minto Capital") is proud to announce the acquisition of 2777 Kipling Avenue ("Kipling") in Toronto, Ontario by Minto Canadian Real Estate Value-Add Fund, LP ("Fund II"), Minto Capital's opportunistic private equity fund targeting multi-residential assets and ancillary retail across Canada's major cities.
The purchase of Kipling marks the sixth acquisition for Fund II. Launched in January 2015 with capital commitments of $158 million, Fund II has a targeted annual return of 14 to 17 per cent.
"As with Radisson Place in Calgary and St. Dennis in Toronto, this transaction is a further opportunity for Minto Capital to reposition a substantial multi-residential asset through our fully integrated platform" says Glen MacMullin, SVP Investment Management with Minto Capital. "With this purchase, Fund II is now 80% invested in property renewal initiatives across Canada, with a successor fund offering being planned."
Kipling is an 18-storey, 325 unit high rise building located in northern Etobicoke's Mount Olive neighbourhood. Kipling will undergo a renewal initiative that includes in-suite renovation, interior common area refurbishment, amenity space improvements and security upgrades.
Other recent acquisitions undergoing renewal initiatives within Fund II include:
About Minto Capital
Minto Capital Management Inc. ("Minto Capital") is the investment management division of The Minto Group, a fully integrated real estate enterprise established in 1955 with expertise in asset management, property management, development and construction. With 1,200 employees across Canada and Florida, the company has built over 85,000 new homes and currently manages 15,000 multi-residential units and 2.7 million square feet of commercial space. Minto Capital's $2.9 billion portfolio is comprised of proprietary capital as well as private equity funds and joint ventures with institutional partners.
SOURCE The Minto Group
For further information: Tania Blake, Brand Specialist, The Minto Group, Tel: 613.751.2842, tblake@minto.com
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