On December 20, 2019, a group headed by Gazit Globe has acquired York Mills Centre, an approximately 570,000 square feet office and retail complex in Toronto, Ontario, from The Manufacturers Life Insurance Company (“Manulife”) for $240 million.
The York Mills Centre was built between 1985 and 1992 by York Trillium Development group and has been owned and operated by Manulife since it purchased the property in 2011.
The new ownership group is a joint venture between Gazit Globe, Dori Segal’s Gazit TripLLLe Canada and a Toronto-based investor.
Gazit Globe is a global real estate company focused on the ownership, management and development of income-producing properties located in densely populated urban areas in North America, Brazil, Israel and Europe. The value of its global portfolio is currently estimated at approximately $14.1 billion.
Dori Segal is the founder, former president, chief executive officer and chairman of First Capital Realty Inc.
Osler, Hoskin & Harcourt LLP advised the new ownership group with a team consisting of Stella Di Cresce, Eric Choi and Alexei Kovalev (Real Estate).