Minto Capital

Minto Capital announces two big CRE investments

Monday, May 8, 2017

Minto Capital Management acquired Radisson Place in Calgary, Alberta, a 12-storey multi-residential building east of downtown Calgary, with 11,400 square feet of commercial space.

Minto Canadian Real Estate Value-Add Fund, LP (Fund II) made the purchase with the intent to revitalize the space, including in-suite kitchen and bathroom renovations, interior common area refurbishments and updated amenity spaces.

Fund II is a private equity fund “targeting multi-residential assets and ancillary retail across Canada’s major cities.”

“Radisson Place offers significant opportunity for our investors in the Calgary market” says Glen MacMullin, senior vice-president of investment management with Minto Capital. “With 60 years’ experience in the multi-residential asset class through our fully integrated end-to-end real estate platform, we’re well positioned to identify investment opportunities that will drive solid returns for our investors.”

The purchase of Radisson Place marks the fifth acquisition for Fund II. Launched in January 2015 with capital commitments of $158 million, Fund II stands at about 60 per cent invested with a targeted annual return of 14 to 17 per cent.

Minto Place Complex

Minto Capital also partnered with Investors Real Property Fund (Investors Group), selling 50 per cent ownership in Minto Place, its downtown Ottawa office complex.

The transaction includes three office towers comprising 945,030 square feet of leasable retail and office space and 1,055 parking stalls. Minto will maintain the other 50 per cent stake and continue to oversee property management and leasing for the complex.

“I’m extremely proud of this accomplishment. It is a big step forward in delivering on our business plan and fueling our growth.” said Rob Pike, president of Minto Properties, the investment management (referred to as Minto Capital) and property management division of The Minto Group. “This partnership is a significant proof point of our shift to institutional investment management, providing us with greater opportunities to re-invest and grow.”

The transaction does not include 185 Lyon Street, the multi-residential tower which shares the same city block.

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