Ottawa-based Minto Group says it’s sold an additional stake in its namesake downtown office complex.
On Wednesday, the firm said LaSalle Investment Management was purchasing an interest in the three-building Minto Place complex, which is bordered by Laurier Avenue as well as Kent, Slater and Lyon streets.
Minto Capital, Investors Group and LaSalle will now each hold a one-third interest in the complex. Minto will continue to oversee property management and leasing of the property.
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The Ottawa Hospital’s Campaign to Create Tomorrow enters important next phase
For Ginger Bertrand, some of her earliest childhood memories in Ottawa are centred around healthcare. “I grew up across the street from what was originally the General Hospital,” she explains,
The Ottawa Hospital’s Campaign to Create Tomorrow enters important next phase
For Ginger Bertrand, some of her earliest childhood memories in Ottawa are centred around healthcare. “I grew up across the street from what was originally the General Hospital,” she explains,
LaSalle’s purchase was reported to be worth $135 million, which would value Minto Place at approximately $405 million.
Real estate services firm CBRE helped to broker the deal, which comes roughly a year after Investors Group purchasing a 50-per-cent stake in the complex for $188 million.
The complex, which has a total of 945,030 square feet of leasable retail and office space, was built in phases. The 14-storey Enterprise Building on Laurier Avenue and the 18-storey Canada Building were both constructed in 1988. The 19-storey office tower at 180 Kent St., which houses Minto’s headquarters, was completed in 2009.
Excluded from the transaction was the OneEightFive multi-residential building on Lyon Street, which was spun off into Minto new apartment REIT that debuted on the Toronto Stock Exchange last month.
