Minto expands into Southwestern Ontario
For immediate release
Ottawa, March 1, 2011 – The Minto Group made history today closing on the single largest real estate transaction that London, Ontario has ever seen. The acquisition of Cherryhill Village is also the biggest of a mixed-use property the Ottawa-based real estate developer and manager has ever made, adding 2,326 residential rental units in 13 apartment buildings, the 158,000 square foot Cherryhill Village Mall and the nearby 31,000 square foot medical building to Minto’s already substantial portfolio all at once.
Cherryhill Village is considered a jewel in London’s picturesque northwest. Developed by late local residents Sam Katz and Ewald Bierbaum, current family members of the Esam Group have remained steadfast in protecting Sam’s vision for a safe, inclusive and caring community right through the sale of the property.
Minto was selected by the Esam Group from a list of 17 bidders, mainly due to the company’s solid reputation as a values-based organization and a builder and manager of inspired communities. Minto’s focus on quality, value, design, lifestyle, innovation and sustainability will play an important role in maintaining the vibrant character that Cherryhill Village residents and businesses enjoy.
The diversity of Minto’s operations made it an ideal match for the company’s growth plans. According to Minto CEO Roger Greenberg, “Minto is thrilled to make Cherryhill Village part of the Minto portfolio. 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.”
Already on the ground in London, Minto is welcoming many of Esam’s Cherryhill Village employees into the fold and planning energy retrofits and other capital improvements to the buildings to bring the portfolio into alignment with the company’s standards for conservation and efficiency.