Trillium Acquisition Corp., has agreed to purchase four Calgary real estate assets as part of a business combination agreement, the company announced.

Trillium is slated to acquire the assets for $14.5 million in cash and 118.92 million Trillium common shares to be issued. Pending completion of the deal, the combined company will own and operate the properties.

The assets are located in the city’s southwest and northwest quadrants. The properties comprise three multi-family buildings and a heritage house that has been converted into a law office currently under lease.

An 84-unit rental apartment building, known as Nimmons Residences, and the heritage property are located at 14th Street S.W. and 19th Avenue S.W., just off downtown near the area of 17th Avenue S.W. known as the Red Mile. The Nimmons name derives from Isabella and Williams Nimmons, who lived in the house and established the 3-D Bar Ranch near Calgary in the mid-to-late1880s, according to Heritage Calgary.

The house was moved around the site four times as the apartment complex was being built, according to CTV.

Trillium has also agreed to purchase what is known as the Cunningham asset, a 41-unit apartment building completed in April 2024. The building is located at 15th Street S.W. and 15th Avenue S.W., also near the Red Mile. (The Red Mile district received its name while serving as the main public party area during the Calgary Flames’ 2004 National Hockey League playoff run to the Stanley Cup finals.)

Trillium’s other proposed acquisition is located near 14 Street N.W. and 26th Avenue N.W. Known as Wilderness Ridge, the property comprises a 24-townhome complex that was completed in 2021 and backs onto Confederation Park.

The deal calls for Oakville, Ont.-based Trillium to purchase the assets from three Calgary-based investment and development companies with which it will combine in an existing public company that trades on the TSX Venture exchange. The transaction is subject to several conditions, along with TSXV and regulatory approval.

The vendors and would-be partners are Calgary-based firms Bankview1827 Investment Corp., Capitol Hill 1426 Development Corp., and Sunalta 1509 Development Corp. Trillium, the vendors and certain subsidiaries are slated to carry out a three-cornered amalgamation tied to a share offering made through a $13-million private placement.

If the offering does not generate enough cash, the balance will be covered in a vendor take-back mortgage of up to $9.5 million. If the deal goes according to plan, Trillium will be renamed, as determined by Trillium and the vendors.

Trillium is a capital pool company, created in accordance with TSXV policies. The company has not commenced commercial business operations and currently has no other assets than cash.

Ryan Bazant is expected to chair the combined company. He is the president of Calgary-based Lear Construction Management.

Expected directors are: Rob Geremia, a director and co-founder of RKG Consulting and former president of Calgary-based Boardwalk REIT; Oakville resident Kelly Hanczyk, CEO for Nexus Industrial REIT; and Toronto resident Ted Manziaris, who co-founded Turtle Island Recycling.

Turtle Island was acquired by GFL Consulting in 2011. Manziaris is also a co-owner of the NHL’s Seattle Kraken and has many other business holdings.

Pictured: Nimmons Residences in southwest Calgary, slated to be purchased by Trillium Acquisition Corp.

Photo: Apartments.com