Dutch investment manager Bouwinvest Real Estate Investors has entered the Canadian market through a joint venture with Woodbourne Capital. The company announced it plans to invest $125 million in well-located, mid- and high-rise multifamily developments in Canada’s rapidly evolving residential rental sector.
“We’ve long eyed the Canadian market and see its residential-for-rent sector as particularly attractive because of the country’s growing demographics and economic outlook and the favourable supply/demand characteristics of its residential markets. Now that local legislative hurdles have been removed, we are ready to increase our exposure to Canada,” said Gijs Plantinga, Director North American Investments at Bouwinvest. “Bouwinvest has a long history in rental residential accommodation in our own home market and we continue to play a key role in the further development of an institutional multifamily rental market through our Dutch Residential Fund. I’m also very pleased with the high sustainability standards of this investment, which play an increasingly important role in our investment decisions.”
The partners intend to make all future assets net zero-ready via LEED Gold certifications, and to achieve a four or five-star rating under the Global Real Estate Sustainability Benchmark; assets will also align with the Carbon Risk Real Estate Monitor reporting standards.
Approximately 50 per cent of the joint-venture’s initial equity commitment is going into the Yonge and Roselawn mixed-use development at 2400 – 2444 Yonge Street in Toronto, which includes two residential towers adjoined by a 6-storey podium for a total of 548 residential units. The Yonge and Roselawn development will target young professionals and downsizers.
“We are pleased to be teaming up with such a well-known, top-tier residential specialist as Woodbourne which has built an outstanding reputation in acquiring, developing, and operating high-quality, sustainable multifamily properties in Canada’s most prominent markets where this product is still lacking,” Bert van den Hoek, Senior Portfolio Manager North American Investments at Bouwinvest said. “Woodbourne has an excellent, long-term track record: their team combines both an entrepreneurial and institutional mindset, and they have been very flexible in the process of finding a tailor-made solution that fits our specific investment needs and restrictions. This demonstrates their eagerness to build a long-term relationship, in line with our own ambition.”
For more info, visit: Bouwinvest Real Estate Investors
