Timbercreek Enters Winnipeg Market with $100 Million Acquisition
June 15, 2010
Timbercreek Asset Management Inc. recently acquired three high-rise apartment complexes in Winnipeg comprising of 544 residential suites.
The transaction had a total consideration of approximately $100 million with a price per suite in the range of $145,000 to $185,000. Two of the properties are located in the downtown core of the city, one of them being the former Sheraton Winnipeg hotel, with the remaining property located in the St. Vital borough.
“I think Winnipeg and Manitoba are doing some really good things economically and in growth,” says Ugo Bizzarri, Timbercreek’s Vice President and CFO. “It’s a very predictable, very stable and very safe investment.”
The acquisition of the properties is Timbercreek’s first entry into the Winnipeg multi-residential marketplace and brings its total portfolio of multi-residential real estate to approximately $1.1 billion in assets under management and approximately 10,000 suites.
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