OTTAWA, May 8, 2017 /CNW/ - Minto Capital Management Inc. ("Minto Capital") announced today the acquisition of Radisson Place in Calgary, Alberta 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.
Radisson Place is a 12-storey multi-residential building east of downtown Calgary, complete with 11,400 square feet of commercial space. Radisson Place will undergo a renewal initiative that includes in-suite kitchen and bathroom renovations, interior common area refurbishments and updated amenity spaces.
"Radisson Place offers significant opportunity for our investors in the Calgary market" says Glen MacMullin, SVP Investment Management with Minto Capital. "With 60 years' experience in the multi-residential asset class through our fully integrated end-to-end real estate platform, we're well positioned to identify investment opportunities that will drive solid returns for our investors."
The purchase of Radisson Place marks the fifth acquisition for Fund II. Launched in January 2015 with capital commitments of $158 million, Fund II stands at approximately 60% invested with a targeted annual return of 14 to 17 per cent.
Recent acquisitions undergoing renewal initiatives within Fund II include:
- Westlawn Village Apartments which closed June 12th, 2015. Westlawn is a 144 unit multi-residential property located in Edmonton, Alberta.
- The International Hotel Suites which closed November 30th 2015. The building is a 254 unit, 34 story concrete tower currently operating as a hotel to be converted into multi-residential units located in Calgary, Alberta.
- Morningside which closed February 25th 2016. The property includes, 2 concrete buildings, 4.5 and 5 stories tall, totaling 214 units in Toronto, Ontario.
- St. Dennis which closed October 27th, 2016. This apartment complex is a concrete 10 story high rise, totaling 330 units and just under 11,000 square feet of commercial space in Toronto, Ontario.
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, [email protected]