OTTAWA — Minto Capital Management Inc. has acquired the Radisson Place in Calgary through Minto Canadian Real Estate Value-Add Fund, LP, its private equity fund targeting multi-residential assets and ancillary retail.
The property is a 12-storey multi-residential building featuring 11,400 sq.-ft. of commercial space. Radisson Place will undergo a renewal initiative that includes in-suite kitchen and bathroom renovations, interior common area refurbishments and updated amenity spaces.
“Radisson Place offers significant opportunity for our investors in the Calgary market,” says Glen MacMullin, SVP Investment Management at Minto Capital. “With 60 years’ experience in the multi-residential asset class through our fully integrated end-to-end real-estate platform, we’re well positioned to identify investment opportunities that will drive solid returns for our investors.”
The purchase of Radisson Place marks the fifth acquisition for Fund II, which launched in January 2015.