Infrastructure Ontario agrees to sell prime downtown Toronto sites to Canadian Real Estate Investment Trust and Greenwin Inc.
April 27, 2018
On April 27, 2018, Infrastructure Ontario, on behalf of the Ministry of Infrastructure, announced that it has entered into an agreement to sell approximately 0.9 acres, located at 27 Grosvenor Street/26 Grenville Street in Toronto, Ontario, to Canadian Real Estate Investment Trust (“CREIT”) and Greenwin Inc. The property will be used to develop a two-tower, purpose-built rental community with approximately 700 units, 30% of which will be maintained as affordable rental housing for a period of 40 years. The acquisition is scheduled to close in the first half of 2019. Typical due diligence conditions have been satisfied and the agreement is subject only to severance and other standard closing conditions.
The acquisition is being undertaken as part of the first phase of the Provincial Affordable Housing Lands Program, which was established to leverage provincial land assets in order to create sustainable, affordable housing in a mixed-income setting across the Province of Ontario.
Infrastructure Ontario is a crown corporation wholly owned by the Province of Ontario and established by the Ontario Infrastructure and Lands Corporation Act, 2011. Infrastructure Ontario provides a wide range of services to support the Ontario government’s initiatives to modernize and maximize the value of public infrastructure and real estate.
McCarthy Tétrault LLP is advising Infrastructure Ontario with a team led by James Klein that includes Cynthia MacDougall and Diego Beltran.