Congratulations to Fitzrovia on their initial close of a $920M club deal (“DevCore”) focused on the development of purpose-built rental housing across the GTA. DevCore’s investment mandate is to acquire well-located lands across the GTA near public transit and employment hubs for the purposes of developing rental housing. The fund represents over $2 billion of purchasing power which will be used to help address the shortage of rental supply in the GTA. DevCore will target large-scale opportunities suitable for the development of both master-planned, mixed-use communities and high-rise towers, with an investment preference for fully entitled sites.
Colliers Capital Markets Canada is pleased to announce that it is acting as financial advisor to secure the remaining commitments.