Canada Pension Plan Investment Board (CPPIB) has acquired a 60% stake in a multi-family rental property from Toronto-based Minto Properties for about $105 million.
Minto will continue to own a 40% interest in the property, Minto High Park Village, and will continue to oversee management and leasing.
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The property is located within the High Park neighbourhood in Toronto, approximately 10 kilometres from the downtown core, with convenient transport links and close proximity to High Park, the largest park in the city.
“This marks our first direct investment in Canadian multi-family real estate,” says Peter Ballon, CPPIB’s managing director, head of real estate investments Americas. “With strong population growth and solid rental demand, Toronto is one of the top rental markets in Canada and a key strategic market for us in this sector.”
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