TORONTO, May 18, 2022 /CNW/ - Graywood Developments LP ("Graywood") is pleased to announce the recent acquisition of 29-39 Pleasant Boulevard (the "Property"), a high-rise, transit-oriented development site in midtown Toronto. The Property will be developed into a 35-storey tower with approximately 281 residential units located south-east of the Yonge and St. Clair intersection. The closing was completed through Graywood's ninth private real estate development fund, Graywood Fund IX Limited Partnership ("Fund IX" or the "Fund") in partnership with KingSett Capital throught their recently launched development fund, KingSett Residential Development Fund LP No. 1 ("KingSett").
Stephen Price, President and CEO of Graywood commented, "We are excited to add another top tier site to our Fund in the coveted Yonge & St. Clair node, while entering into a new partnership with Kingsett Capital. Graywood has a long history of building and maintaining strong partnerships within the industry, and is looking forward to our latest partnership with KingSett, an established leader in the real estate private equity space."
Rob Kumer, President and CIO of KingSett commented, "We are delighted to be partnering with Graywood on this new residential project, which we expect will be an exciting addition to the Yonge & St. Clair midtown neighbourhood. On behalf of our KingSett Residential Development Fund LP No. 1, we are looking forward to working alongside our new partner, Graywood, in bringing this development to life."
The acquisition of 29-39 Pleasant follows the acquisition of three previous investments made by Fund IX, with approximately 2,500 residential units and over $1.8 billion of development value. Fund IX had its final closing in November 2021 with commitments of CAD $148 million from Canadian financial institutions, pension plans, family offices and high net worth individuals.
About Graywood
Graywood is a private real estate management company based in Toronto that specializes in the development of residential mixed-use projects of exceptional quality. Graywood's expertise includes identifying attractive development sites, deal structuring, all aspects of development management including land use approvals, project design, sales and marketing, construction management and project financing. Graywood currently has 15 active projects with 6,400 residential units under development, representing $4.8 billion in development value. During its 37-year history, Graywood has managed 54 projects, representing $8.8 billion in development value and 31,400 units.
About KingSett
KingSett Capital is a Canadian private equity real estate investment business which creates and co-invests in real estate investment solutions to deliver sustainable premium risk weighted returns.
Founded in 2002, KingSett has raised $13.4 billion of equity for its Growth, Income, Urban, Mortgage and Affordable Housing strategies. KingSett has $17 billion of assets under management in a portfolio of $19 billion.
Disclaimer
This document is for information purposes only and does not constitute an offer or solicitation for any security, product, service, or fund. The information in this document should not be considered legal, tax, investment, financial or any other professional advice. This document contains only summary information as of the date hereof and no representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information contained herein, by Graywood or any of its affiliates or funds. Should any of the descriptions or terms herein be inconsistent with any applicable governing documents, such other documents shall prevail.
SOURCE Graywood Development
Stephen Price, President & CEO, Graywood Developments LP, (416) 599-1930; Aleks Karamarkovic, Vice President, Corporate Development, Graywood Developments LP, (416) 599-2466, www.graywoodgroup.com
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