Canderel Management Inc.

Canderel Management Inc.

December 02, 2015 11:03 ET

Canderel & KingSett Capital Venture into West-End Office Market

TORONTO, ONTARIO--(Marketwired - Dec. 2, 2015) - Canderel & KingSett Real Estate Growth LP No.5 ("KingSett") today announced that the companies have completed the acquisition of 1243 Islington Avenue in Toronto.

1243 Islington Avenue is a 12 storey, 110,000 square foot office building located in the GTA's Bloor-Islington office node. The building is well connected to public transit, including the TTC's Bloor Street Subway Line (Islington Station) located next door, Mississauga Rapid Transit, and the TTC Bus System.

Michael Vilner, Vice President - Leasing and Development of Canderel said "The purchase of 1243 Islington fits directly into the Canderel model. The transit oriented site presents extraordinary potential for growth, and we believe that the timing is right in relation to the Bloor-Islington node. With all of the residential construction both underway and planned, we believe the office market will only improve and do so in the short term. We are pleased to partner with KingSett Capital on this transaction, and look forward to a fruitful partnership for many years."

"KingSett is delighted to partner with Canderel in the acquisition of 1243 Islington Ave, and we look forward to working with Canderel on a variety of value-creation strategies in order to continue to deliver premium risk weighted returns to our stakeholders," added Rob Kumer of KingSett Capital.

ABOUT KINGSETT CAPITAL

KingSett Capital is Canada's leading private equity real estate investment business, co-investing with institutional and high net worth individuals, using active management to deliver premium risk weighted returns. KingSett invests through its Growth, Income and Mortgage funds and has over $5 billion of assets under management.

ABOUT CANDEREL

The acquisition of 1243 Islington represents another expansion of Canderel's portfolio in the Toronto area. Canderel already has management or ownership interests in several significant properties including 1075 Bay Street, 777 Bay Street, 70 York Street, Union Station, 3500 Steeles Avenue East, 6355 Viscount Road and 101 Bloor Street West. Canderel has also developed several award-winning residential projects in Toronto including Aura, Canada's tallest condominium development at Yonge and Gerrard, with 78 storeys, the Residences of College Park Phases I and II, and DNA phases 1- 3 on King Street West. Most recently, YC Condos, with 66 floors, is 100% sold and under construction.

Now celebrating its 40th year of operations, Canderel is a national real estate development, investment and management company, with landmark projects in Montreal, Toronto, Ottawa, and Vancouver. Canderel is active in Alberta through its affiliate Humford Management (www.canderel.com).

Contact Information

  • Michael Vilner
    Vice-President, Leasing & Development
    CANDEREL
    416 593-6366, ext. 4566
    mvilner@canderel.com