Subsidiary of Estonia and Latvia Developer Makes Second Investment in Canada
Subsidiary of Estonia and Latvia Developer Makes Second Investment in Canada
Hepsor Expands Development Pipeline in Toronto With Downtown Purchase
An Ontario developer with roots in Estonia and Latvia is making its second investment in the Canadian real estate market and has two additional deals on the horizon.
Hepsor SPV I Ltd., an Ontario-based subsidiary of Hepsor AS, said it purchased an assembly of three properties in downtown Toronto at 164-168 Isabella St. with its Canadian partners.
No price was not disclosed, but the company said Elysium Isabella LP was founded to develop the property in which various Canadian and European investors are participating in addition to Hepsor and its Canadian partners. Fasken, one of Canada’s largest law firms, advised Hepsor on structuring the deal.
“Hepsor started developing its Canadian business in the spring of 2022 after the start of the war in Ukraine with the aim of finding new growth opportunities and mitigating the geopolitical risks associated with the current home markets,” said Andres Pärloja, chairman of the supervisory board of Hepsor AS, in a statement.
In June, the company made its first purchase in Canada, buying land around Weston Road in Toronto it planned to develop into housing. And Hepsor has more projects in the Toronto area in the works.
“In addition to the Isabella project and Weston Road project, two additional developments of a similar nature in Toronto and the greater Toronto area are currently under preparation,” said Pärloja.
The goal of the first phase of the Isabella Street development project is to assemble the three properties and apply for zoning approvals to permit a residential hi-rise tower on a podium with a projected gross floor area of 450,000 square feet.
The total value of the land and project costs equates to 41 million Euros, according to the statement. The assembly and zoning is expected to take between two and two and a half years, after which Elysium Isabella LP will decide whether to take advantage of the value it created and sell the land or move on to the construction phase.
“Toronto is one of the fastest-growing cities in North America. The city is in desperate need of new quality living space in order to keep up with the growing population. We, together with Hepsor and our investors, strongly believe that developing residential land in Toronto is a very attractive business to be in,” said James Torpey, one of Hepsor’s partners in Elysium Isabella LP and the owner of Canadian-Lithuanian development group VPH Group.
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