Equiton balanced real estate fund trust enters joint venture for multi-use developmentSeptember 29, 2020
For Immediate Release: September 29, 2020
BURLINGTON, ON, September 30, 2020 – On September 25, 2020, the Equiton Balanced Real Estate Fund Trust (EBREFT) entered into a joint venture agreement to redevelop a mixed-use site located at 710 Woolwich St. in Guelph, Ontario. The transaction is scheduled to be completed in October 2020.
The 3.5 acre property currently has an operating 11,545 sq. ft. Beer Store with about 1/3 of the rear of the property being undeveloped. The first phase of the proposal, anticipated to start in the fall of 2021, is the construction a new format 6,800 sq. ft. Beer Store at the front of the property.
Once completed, the second phase of the proposal, anticipated to start in the summer of 2022, would include a 76-unit purpose-built rental townhouse project in the property’s rear. It would include four buildings, surface parking and an outdoor amenity area for residents.
Equiton’s joint venture partner is RHH Rental Properties, Ltd., which is headed by Mr. Scott Reid.
“Mr. Reid is an experienced and well-respected developer whose family has developed real estate in this area for generations,” said Equiton’s Chief Executive Officer Jason Roque.
“We are excited to include this project as part of our EBREFT offering to our clients because it includes asset types that show resilience during uncertain times,” said Roque. “Guelph is a growing, economically-diverse city, and we have found a local partner who wants to see this development enjoyed by Guelph’s residents and its surrounding communities.”
The Equiton Balanced Real Estate Fund provides investors with exposure to a portfolio of diversified real estate assets, including income-producing properties, development projects, and lending and financing. It also seeks to provide regular cash distributions to qualified investors.
Equiton is a private equity firm that specializes in providing private market real estate investments to Canadians. It is led by a senior team of industry veterans who have more than 100 years of combined real estate, investing and management experience. Collectively, they have overseen the acquisition and management of over $10 billion in real estate, developed over 100 million square feet of real estate projects and overseen a combined portfolio of more than 10,000 apartments in Canada and the United States.
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