OTTAWA — Minto Capital Management Inc. has announced the acquisition of Manor Village in Ottawa by its Minto Canadian Real Estate Value-Add Fund, LP, part of its acquisition and renewal strategy that is seeing renovations undertaken at newly purchased Minto properties across Canada.
The new Minto fund is described as an “opportunistic private equity fund targeting multi-residential assets and ancillary retail across Canada’s major cities” in a recent statement.
The purchase of Manor Village marks the seventh acquisition for the fund, 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 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, the statement said.
Other acquisitions undergoing renovations within the Minto fund include:
- Westlawn Village, a 144-unit multi-residential property in Edmonton, acquired June 12, 2015;
- International Hotel, a 254-unit, 34-storey tower operating as a hotel to be converted into multi-residential units in Calgary, acquired Nov. 30, 2015;
- Morningside, a 214-unit property spanning two concrete buildings in Toronto, acquired Feb. 25, 2016;
- St. Dennis, a 10-storey highrise with 330 units and just under 11,000 square feet of commercial space in Toronto, acquired Oct. 27, 2016;
- Radisson Place, a 12-storey, 130-unit multi-residential building with 11,400 square feet of commercial space in Calgary, acquired March 20, 2017; and
- 2777 Kipling Avenue, an 18-storey, 325-unit highrise building in Toronto, acquired June 8, 2017.
“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 of Minto Capital, in the statement. “With this purchase, Fund II is now 100 per cent invested in renewal initiatives across Canada with a targeted annual return of 14 to 17 per cent.”
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