Tricon Residential and the Canada Pension Plan Investment Board have entered into a joint venture to invest in build-to-core multifamily rental projects in the Greater Toronto Area.
The joint venture will provide up to C$500 million ($398 million) of equity capital, including up to C$350 million ($277 million) from CPP Investments (70 percent) and up to C$150 million ($119 million) from Tricon (30 percent), allowing for the expected development of 2,000 to 3,000 units at a gross development cost of approximately C$1.4 billion ($1.11 billion), including leverage.
The joint venture will focus on developing high-quality rental apartments, located close to major transit and employment nodes, intended for a long-term hold by the joint venture. Tricon will serve as the developer, asset manager and property manager of the joint venture projects.
"The joint venture will increase the stock of private rental housing, a stated goal of the City of Toronto and Provincial Gov
