Estonian development firm Hepsor has acquired an assembly of three
properties in downtown Toronto potentially to develop a multi-residential
high-rise.

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.