- What Hepsor and Elysium Investments have bought a development property where they plan to build two rental towers
- Why Hepsor is expanding into Canada
- What next The first phase will involve zoning changes and other preconstruction activities
Estonia-based Hepsor and Canadian real-estate investor Elysium Investments have purchased a development site in downtown Toronto where they plan to construct a two-tower residential rental property.
The total investment value for the property, known as High Park, is approximately $89m. The first phase, expected to last about two years, will involve zoning changes and other preconstruction activities.
The 1.23-acre site, at 21-29 Oakmount Road & 26-36 Mountview Avenue, is near High Park and the Keele and High Park TTC stations.
Hespor began investing in Canada 18 months ago, and this is its fourth project in the country. The High Park development is its first to include Estonian private-capital investors. The firm plans to make its fifth investment in October.
Hepsor also is looking for opportunities to develop industrial properties around Toronto and Montreal.
“In the spring of 2022, we decided that part of our business should be outside the European economic area and away from the Russian border,” said Hepsor chairman Andres Parloja. “We chose the dynamic and rapidly developing Canadian market. We plan to continue expanding our positions in Canada.”
Elysium serves as the general partner in limited partnerships and makes material investments in each project. It also provides management expertise as well as required financial guarantees.
