Minto Capital Acquires Manor Village in Ottawa, Ontario
OTTAWA, ON, July 16, 2018 – Minto Capital Management Inc. (“Minto Capital”) is pleased to announce the acquisition and renewal of Manor Village in Ottawa, Ontario by Minto Canadian Real Estate Value-Add Fund, LP (“Fund II”), Minto Capital’s opportunistic private equity fund targeting multi-residential assets and ancillary retail across Canada’s major cities.
The purchase of Manor Village marks the seventh acquisition for Fund II which launched in January 2015 with capital commitments of $158 million.
Located in the Nepean area, west of Ottawa’s inner core, Manor Village consists of six two-storey common hallway townhouse blocks complete with 111 units. The property will undergo a renewal initiative that includes in-suite kitchen and bathroom renovations, interior common area refurbishments, exterior capital improvements and landscaping.
“We see a significant opportunity to revitalize Manor Village by applying our expertise in property and asset management with a view to drive solid returns for our investors,” said Rob Pike, President, Minto Capital. “With this purchase, Fund II is now 100% invested in renewal initiatives across Canada with a targeted annual return of 14 to 17 per cent.”
Other acquisitions undergoing renewal initiatives within Fund II include:
- Westlawn Village – a 144 unit multi-residential property in Edmonton, Alberta (closed June 12, 2015)
- International Hotel – a 254 unit, 34-storey tower operating as a hotel to be converted into multi-residential units in Calgary, Alberta (closed November 30, 2015)
- Morningside – a 214 unit property spanning two concrete buildings in Toronto, Ontario (closed February 25, 2016)
- St. Dennis – a 10-storey high-rise with 330 units and just under 11,000 square feet of commercial space in Toronto, Ontario (closed October 27, 2016)
- Radisson Place – a 12-storey, 130 unit multi-residential building with 11,400 square feet of commercial space in Calgary, Alberta (closed March 20, 2017)
- 2777 Kipling Avenue – a 18-storey, 325 unit high-rise building in Toronto, Ontario (closed June 8, 2017)
About Minto Capital
Minto Capital Management Inc. (“Minto Capital”) is the investment management division of The Minto Group, a fully integrated real estate enterprise established in 1955 with expertise in asset management, property management, development and construction. With 1,200 employees across Canada and the southern USA, the company has built over 85,000 new homes and currently manages 13,000 multi-residential units and 2.5 million square feet of commercial space. Minto Capital’s $2.9 billion portfolio is comprised of proprietary capital as well as private equity funds and joint ventures with institutional partners.
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