TORONTO, July 16, 2024 (GLOBE NEWSWIRE) — Baz Group of Companies is proud to announce the expansion of its portfolio within the residential and retirement community sectors.
Marlin Spring Developments, the Baz Group’s dedicated operating company for the development and construction of residential real estate, has acquired 5280 Dundas Street West, a high-rise, transit-oriented mixed-use development site located in Etobicoke, southwest of Dundas Street West and Kipling Avenue.
The property will be developed with a high-rise condominium building that will contribute more than 400 new homes to the Toronto market.
“Marlin Spring Developments is proud to strengthen its presence in Etobicoke. This acquisition is specifically located in the Etobicoke centre, which is very well serviced by public transit and by a myriad of existing amenities and local retail that will continue to grow as the neighbourhood evolves,” said Pedro Lopes, CEO Marlin Spring Developments. “This property is located just a few minutes’ drive from Joya, Curio and the Taylor, a few of Marlin Spring Developments’ projects in Etobicoke, all currently at various stages of development, sales and construction.”
Spring Living Retirement Community, the Baz Group’s dedicated company that owns and operates 15 retirement communities in Ontario and Quebec, has acquired seven high quality retirement residences located in Ottawa and Montreal, containing more than 1,230 suites. Additionally, it is has acquired assets and retained employees from Horizon Retirement Management Inc. to facilitate the Spring Living Management Group in providing management services to the acquired retirement residences that are located in Quebec.
“We are pleased to provide 21 retirement communities in urban markets to further serve the Canadian senior population,” said Lois Cormack, CEO, Spring Living Retirement Communities. “With this acquisition, we are delighted to welcome over 500 team members who will continue in their current roles, positively impacting the lives of over 1,000 residents, families and communities served. We are delighted that we can operate the acquired Quebec residences under the Horizon brand, a well-known and experienced senior living management company.”
“We are very excited to have grown our portfolio with these significant acquisitions,” said Benjamin Bakst, CEO, Baz Group. “Current economic conditions have created challenges in the North American real estate market. However, these same conditions present unique opportunities for strategic growth and investment. Our recent acquisitions and partnerships reflect our commitment to adapting and thriving amidst these challenges. I extend my heartfelt congratulations to CEOs Lois Cormack and Pedro Lopes, and our respective teams, for their dedication and success in navigating these complex dynamics and driving our united vision forward.”
About the Baz Group
The Baz Group of Companies is one of Canada’s largest privately-owned Real Estate firms with a portfolio of over 20,000 units in various stages of development, construction, repositioning, and completion. Its portfolio represents more than 16 million square feet of GFA across Canada and the United States with a completion value of over $10 billion. Through its operating companies supported by a team of over 1,000 professionals, Baz Group has investments spanning the Development, Multi-Family Apartments and Retirement Community sectors in seven North American markets.
For more information: www.bazgroup.ca
Contact:
Rivki Mandelbaum
[email protected]
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