Fengate Asset Management and Freed Developments Ltd have acquired a mixed-use site in Toronto with development entitlements. The seller was Allied Hotel Properties Inc. No financial terms were disclosed. Fengate is managing this joint acquisition on behalf of the LiUNA Central and Eastern Canada Pension Fund.
TORONTO, Jan. 7, 2020 /PRNewswire/ – Fengate Asset Management (“Fengate”) and Freed Developments Ltd. (“Freed”) are pleased to announce the joint acquisition of a significant 5.4 acre, transit-oriented and mixed-use site with development entitlements in the City of Toronto from Allied Hotel Properties Inc (“Allied”). Fengate is managing this joint acquisition on behalf of the LiUNA Central and Eastern Canada Pension Fund.
The site currently houses a six-storey hotel and is conveniently located at the intersection of the Don Valley Parkway (DVP) and Eglinton Avenue East in Toronto, with direct pedestrian access to the Eglinton Crosstown LRT, which is scheduled for completion in 2021 and will provide efficient access to the downtown core and surrounding areas via connections to the Toronto Transit Commission and GO Transit system. The site also provides vehicular access to Highway 401, the DVP, and Gardiner Expressway.
The site is presently entitled for the development of numerous high-rise multi-residential buildings adjacent to the hotel, which will address the increasing need for transit-oriented residential units within Toronto.
Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies. With offices in Toronto, Houston, Vancouver, New York and Oakville, Fengate has a proven track record of successful projects and results-driven partnerships, establishing the firm as one of the most active real asset investors and developers in North America. Learn more at fengate.com.
About Freed Developments Ltd.
For over 25 years, Freed Developments has been changing the face of Toronto with its unique brand of design-based development. Freed’s portfolio includes luxurious modern condominium towers, hospitality ventures, resort communities and commercial spaces – all of which become home to residents and some of the city’s best retail tenants alike. The company has been the driving force behind the remarkable transformation of King Street West, and Yonge & Eglinton, and is now focusing on revitalizing the Dupont strip. For more information visit freeddevelopments.com.
About LiUNA Pension Fund of Central and Eastern Canada
Established in 1972, the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC) is one of the fastest growing multi-employer pension funds across Canada, voted top 10 pension funds by Benefits Canada. With a diverse investment portfolio and $8 Billion in assets LPFCEC has yielded positive returns for the Plan, great work opportunities for LiUNA members, and has created many needed institutions across North America through public-private partnerships and alternatives.