• Tue. Oct 3rd, 2023

    Hepsor SPV I Ltd Expands Investment in Canadian Real Estate Market

    ByJames Forsyth

    Sep 20, 2023
    Hepsor SPV I Ltd Expands Investment in Canadian Real Estate Market

    Ontario-based subsidiary, Hepsor SPV I Ltd, has made its second investment in the Canadian real estate market. Working in conjunction with Canadian partners, the company has acquired an assembly of three properties in downtown Toronto at 164-168 Isabella Street. This development project is being undertaken by the newly formed Elysium Isabella Limited Partnership, which includes Hepsor, its Canadian partners, as well as various Canadian and European investors.

    The initial phase of the project involves combining the three properties and obtaining zoning approvals for the construction of a residential high-rise tower on a podium. The projected Gross Floor Area of the tower is approximately 42,000 square meters (450,000 square feet). This assembly and zoning process is expected to take approximately 2-2.5 years. Once completed, the partnership will have the option to sell the property or move forward with the construction phase.

    The total value of the land and project costs is around 41 million euros, with the Elysium Isabella Limited Partnership investing approximately 5.5 million euros of its own funds. Hepsor’s partner in Elysium, James Torpey of Canadian-Lithuanian development group VPH Group, expressed confidence in the Toronto market, stating that the city is in desperate need of new quality living spaces to keep up with its growing population.

    Andres PƤrloja, Chairman of the Supervisory Board of Hepsor AS, explained that the company expanded its operations in Canada in 2022 as a strategic move to find new growth opportunities and reduce geopolitical risks associated with the current home markets. Hepsor has been actively building a network of legal and financial advisors, banks, market analysts, and brokerage companies to support its ambitions in Canada. In addition to the Isabella project and Weston Road project, which was acquired earlier this year, Hepsor has two more developments in Toronto and the greater Toronto area currently in the preparation phase.

    Hepsor SPV I Ltd’s expansion into the Canadian real estate market highlights their commitment to growth and innovation. With a track record of developing energy-efficient and environmentally friendly buildings, Hepsor brings its expertise and experience to this new venture.

    – Fasken: www.fasken.com
    – Hepsor AS: www.hepsor.ee