Locations
BST Canada is continuing to expand its multifamily portfolio in Toronto, announcing yesterday it has made its fourth purpose-built rental building acquisition this year.
The Toronto-based real estate investment and development company acquired a 122-unit rental apartment building in Toronto.
Neither the financial details of the transaction nor the physical address of the apartment building were disclosed.
"The property is located in an established Toronto neighbourhood with convenient access to public transportation, schools, healthcare, shopping and essential amenities, as well as proximity to the waterfront," BST Canada said in a press release.
"The location offers residents convenient access to services and connectivity within the city and aligns with BST Canada's focus on well-located residential properties.
BST's portfolio in the Greater Toronto Area
The transaction follows BST's acquisition of three purpose-built rental apartment buildings this summer.
In August, the company announced a $144-million acquisition of 487 rental units at the 15-storey Village Gate at 775 Steeles Ave. W., the 10-storey Lauder Apartments at 640 Lauder Ave. and the 15-storey Godstone Place at 30 Godstone Rd.
The portfolio marked its first acquisition under an investment platform established earlier this year.
“At the beginning of this year, we started a new platform with two institutional investors where we have, at the moment, a commitment of $160 million in equity to invest in multifamily in Ontario,” BST president Alaa Tannous told RENX in August.
"The intention is to grow our multifamily portfolio substantially in Ontario, mainly with a focus on the GTA (Greater Toronto Area) and Ottawa region," he added.
In the announcement Thursday, Tannous repeated the importance of seeking well-located Toronto assets to the company's long-term growth strategy.
"This acquisition adds another well-located property to our multifamily portfolio and advances the objectives of our annual acquisition and investment plan," he said. "We are pleased with the progress we are making toward our growth objectives and look forward to adding further multifamily properties to the portfolio this year as we continue to expand our presence in the market."
About BST
BST Canada is part of BST Group, an international real estate investment, development and construction company founded in Israel in 1972 by the Tannous family.
BST Canada owns, develops, and manages a diversified portfolio of residential, commercial and medical assets across Ontario.
BST Group specializes in large-scale residential, commercial and medical properties and operates across North America, Europe and Israel. The company completed an initial public offering on the Tel Aviv Stock Exchange in June.
RENX has reached out to BST Canada for additional comment.
Industry Events
Locations
