Estonia’s Hepsor Acquires Three Downtown Toronto Properties
Estonian development firm Hepsor has acquired an assembly of three
properties in downtown Toronto potentially to develop a multi-residential
Hepsor purchased the properties at 164-168 Isabella Street through its
Toronto-based subsidiary with Canadian partners.
The purchase marks Hepscor’s second investment in Canada. The company is
also an investor in the Pinemount and Elysium development project in Toronto’s Emery Village district. Hepsor is expanding its Canadian business to find new growth opportunities in wake of the war in Ukraine and mitigate risks in its home Baltic markets, company chairman Andres Pärloja said in a news release.
A company, Elysium Isabella Limited Partnership, has been formed to develop
the Isabella Street property. In addition to Hepsor and its Canadian partners,
various Canadian and European investors have also invested in the partnership,
according to the news release.
The partnership aims to obtain zoning approvals within two-and-a-half years
that would permit the construction of a 450,000-square-foot residential tower.
The group will then decide whether to sell or develop the property.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.