Thursday, March 3, 2011

Minto buys huge London complex

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.

While The Grants do not deal in large commercial sales, this sale shows that London is a viable market place for real estate investors. That makes London a very desirable location for residential and condominium investment. Condo to Castle to Condo, Where Ever Life Moves You, Call The Grants. We believe in the London and Area real estate values. A great time to buy or sell. Call 519-667-1800 and ask for The Grants

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