Hepsor, together with its partner Elysium Investments, has acquired a development project consisting of 17 properties in Toronto in Brownville Avenue.
The development area is planned to feature a high-rise building with rental apartments, which will help alleviate Toronto’s growing housing shortage. In the first phase of the project, the zoning of the area will be changed, and planning activities will be carried out to allow for the future construction of a residential rental building. The first phase is expected to last 24-30 months.
The total investment value of the property and the first phase of the project is approximately 24 million euros (about 34 million CAD), of which Brownville Limited Partnership, established for the project’s development, in which Hepsor has a 50% ownership, will invest approximately 5 million euros (about 8 million CAD). In addition to own funds, the Brownville development is also planned to include money from Estonian private equity investors.
The Brownville Avenue development is the fifth similar project in Toronto in which Hepsor has taken a position in the last 18 months. To date, Hepsor’s residential development portfolio in Toronto includes positions in five different development projects. Hepsor, in cooperation with its partners, has plans for a total of approx. 3,000 new rental apartments under development in Toronto.
