CPPIB acquires 60% of Minto High Park Village
Canada Pension Plan Investment Board (CPPIB) has acquired a 60% ownership interest in Minto High Park Village, a multifamily rental property, from Minto Properties Inc. The acquisition was completed for approximately $105 million.
Minto will continue to own a 40% interest in the rental property and will continue to oversee management and leasing.
“This marks our first direct investment in Canadian multifamily real estate. With strong population growth and solid rental demand, Toronto is one of the top rental markets in Canada and a key strategic market for us in this sector,” said Peter Ballon, Managing Director, Head of Real Estate Investments Americas, CPPIB. “Minto High Park Village is a well-leased, well-maintained property in one of the most highly sought after residential neighbourhoods in Toronto, making it an attractive long-term investment and a solid entry into Canada’s multifamily sector. We look forward to building a relationship with Minto, a highly experienced multifamily manager, developer and owner.”
Minto High Park Village comprises three towers located at 111 Pacific Avenue, 255 Glenlake Avenue and 66 Oakmount Road ranging from 12 to 23 storeys with a total of 750 rental units.