Ravelin Properties REIT has acquired the remaining 25% interest in its two co-owned office properties in the Greater Toronto Area.

In addition, the REIT has arranged to prevent a lender pushing a Chicago office building towards foreclosure due to unpaid rent.

The GTA acquisition gives Ravelin full ownership of the Commerce West and Gateway Centre office complexes. The buildings total 659,713 square feet of gross leasable area and bring Ravelin’s six-property GTA portfolio to 1,636,265 sf.

“The GTA transaction to acquire the remaining 25% co-owner interest in our Commerce West and Gateway Centre properties is strategic for the REIT,” said Ravelin CEO Shant Poladian. “It enables us to fully control the decision- making, budgeting, leasing, and capital investment plans for these properties. Leasing activity continues to gain momentum in the GTA and therefore the timing of this acquisition is favourable from the REIT’s perspective.”

In the U.S., Ravelin has reached a forbearance agreement with CIBC on its 120 South LaSalle office property in Chicago. The US$84-million loan, which matured August 31, has been in default due to covenant breaches since early 2024. CIBC has issued a notice of default but agreed to extend the forbearance period until September 30, as restructuring talks continue.

Toronto-based Ravelin was known as Slate Office REIT until December 2024, when it terminated its agreement with external manager Slate Office Management and rebranded.

Ravelin is controlled by Halifax-based G2S2 Capital, which is headed by George Armoyan a member of the REIT’s board who formerly chaired it.

Pictured: Ravelin office property in Chicago.

Photo: Ravelin Properties REIT