OPG sells two properties in Toronto to KingSett Canadian Real Estate Income Fund
On January 9, 2017, Ontario Power Generation (OPG) announced that it reached an agreement to sell its Class "A" office property at 700 University Avenue and its 1528-stall parking garage at 40 Murray Street in Toronto to KingSett Canadian Real Estate Income Fund LP, a fund managed by KingSett Capital Inc., following an open and competitive procurement process run by Infrastructure Ontario.
The sale closed in April 2017.
All existing leases with third-party tenants were assumed by the purchaser and the net proceeds from the transaction were transferred to the Province's Trillium Trust, which helps fund transit, transportation and other key infrastructure projects across Ontario. OPG will continue to have a significant presence at 700 University. Its head office will remain there and, as part of the transaction, OPG will lease back four floors plus ancillary space.
OPG is Ontario's largest and lowest cost, clean power generator, producing almost half of the electricity that Ontario homes, schools, hospitals and businesses rely on each day.
KingSett is a leading Canadian private equity real estate investment firm, with interests in over C$9.0 billion of assets.
Further information can be found on OPG's website.