Marlin Spring acquires Boardwalk REIT’s share
RioCan and
Boardwalk REIT were originally partners for the project, but as work on its design progressed it was decided that it was more suited for a condominium than a purpose-built rental apartment.
“Boardwalk is a huge rental landlord, especially out in Calgary, and the decision on their end was that they would rather put their capital into rental projects than condo projects,” said Ballantyne. “So it was a pretty natural switch and they did the transaction directly with Marlin Spring.”
That transaction, which made RioCan and Marlin Spring 50-50 partners and co-developers, closed on Nov. 26. Other details of the transaction have not been disclosed.
“We’ve known the RioCan team and Boardwalk for some time, and when we became aware of the opportunity we were quite keen to get involved,” Marlin Spring president Ashi Mathur told RENX in a separate interview.
“They had determined that it was going to go the condo route and one of our core competencies is condo development and construction.
“We ended up working closely with both Boardwalk and RioCan over the last several months to simultaneously consummate the purchase and sale of Boardwalk’s stake and do a partnership agreement with RioCan.
“It was quite involved working with both parties, but it was a great process and we’re thrilled that we were able to get involved.”
renx.ca
