OPG sells Kipling facility to Kinectrics and City of Toronto
On November 7, 2022, Ontario Power Generation Inc. (“OPG”) announced that it completed the sale of its Kipling site—located at 800 Kipling Avenue in Toronto, Ontario—to Kinectrics and the City of Toronto (the “City”), for a total sale price of C$200 million.
Sold through a competitive process, the site measures approximately 76 acres and includes approximately 750,000 square feet of buildings. As part of the sale, the site was severed to accommodate uses for both purchasers. The sale closed Oct. 31, 2022.
Kinectrics will continue to operate and grow its business at the site, while the City will utilize the southern parcel for the Toronto Transit Commission's (TTC) future electric bus facility. The City will also take ownership of lands to the north of Kinectrics parcel for future City services.
As part of the sale, OPG will lease back a portion of the space to accommodate its employees until a new consolidated campus in Durham Region for all non-station-based staff is ready for occupancy. Other existing leases at Kipling will transfer to the new owners of the properties.
Further information can be found on Canada Newswire’s website.
OPG is a climate change leader and the largest, most diverse electricity generator in the province of Ontario.