Minto buys huge London complex
Ottawa developer Minto Group has purchased a 13-building apartment complex in London, Ont., marking the biggest real estate deal in the Western Ontario city's history and Minto's largest ever mixed-use property purchase.
The property, called Cherryhill Village, was purchased from family-owned London development company Esam Group. It includes 2,326 residential units, the 158,000-square-foot Cherryhill Village mall and a 31,000-square-foot medical building.
The sale made Canadian history by commanding $215 million, a record-breaking price of for a single-site apartment, according to The Globe and Mail.
According to a release issued by Minto, the Ottawabased company was chosen from a list of 17 bidders. "The mix of well maintained residential and commercial properties makes this portfolio an excellent addition to our existing assets and strategically supports our initiative to expand beyond the Toronto and Ottawa markets," Minto CEO Roger Greenberg said in the release.
Cherryhill Village was one of the major properties owned by the prominent London developer Esam Group, which was founded by Sam Katz in 1957 and remains a familyowned business.
Minto announced plans to start renovations and energy retrofits for buildings on the Cherryhill property.
?? Copyright (c) The Ottawa Citizen
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