The real estate firm recently made its first investment from its new $1.1-billion DevCore Fund, backed by pension plans, acquiring the rights to convert a 24-storey office building in midtown Toronto into rental housing. (The Globe and Mail)
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The real estate firm recently made its first investment from its new $1.1-billion DevCore Fund, backed by pension plans, acquiring the rights to convert a 24-storey office building in midtown Toronto into rental housing. (The Globe and Mail)
Talking point: The new building will be geared towards “downsizers,” with 600 two-bedroom and three-bedroom units. Fitzrovia plans to invest in similar projects through the fund. The firm negotiated a 100-year lease on the property, specifically to build rental units. It still needs to secure exceptions to the zoning rules from the city to tear down the existing structure and rebuild a taller apartment building. Pensions and other large investors are eyeing more opportunities in the housing market amid persistent challenges in their office real estate portfolios following the shift to hybrid work.
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