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Acquisition of Camwood Portfolio
Acquisition of Camwood Portfolio
OverviewOverview
Eight redeveloped Class I buildings, 230,209 sf, 92.2% leased at closingTwo Class I buildings in redevelopment, 55,225 sf, 41.2% leased at closingTotal 285,464 sf, 85.7% leased at closingTwo pieces of adjoining land51 surface parking spacesAll located in Toronto target market
Eight redeveloped Class I buildings, 230,209 sf, 92.2% leased at closingTwo Class I buildings in redevelopment, 55,225 sf, 41.2% leased at closingTotal 285,464 sf, 85.7% leased at closingTwo pieces of adjoining land51 surface parking spacesAll located in Toronto target market
Competitive ImplicationsCompetitive Implications
Increases Toronto portfolio by 18% to 1,894,206 sfReduces large-scale direct competitors from three to two Augments existing concentrations in King West Central, Entertainment District and Downtown EastAugments ability to provide solutions to smaller tenants
Increases Toronto portfolio by 18% to 1,894,206 sfReduces large-scale direct competitors from three to two Augments existing concentrations in King West Central, Entertainment District and Downtown EastAugments ability to provide solutions to smaller tenants
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Augmentation King West CentralAugmentation King West Central
Up from eight to 11 buildingsUp 12.2% From 586,807 sf to 658,456 sfRichmond-Bathurst Assembly
579 Richmond Street West141 Bathurst StreetAdjoining landTotal land area 27,689 sf
662 King Street West
Up from eight to 11 buildingsUp 12.2% From 586,807 sf to 658,456 sfRichmond-Bathurst Assembly
579 Richmond Street West141 Bathurst StreetAdjoining landTotal land area 27,689 sf
662 King Street West
King West CentralKing West Central
579 Richmond Street West
29,311 sfClassic b&b interior2,568 sf vacant on closing, now leased
579 Richmond Street West
29,311 sfClassic b&b interior2,568 sf vacant on closing, now leased
King West CentralKing West Central
141 Bathurst Street
10,521 sf Classic b&b interior13 parking spacesNo vacancy
141 Bathurst Street
10,521 sf Classic b&b interior13 parking spacesNo vacancy
King West CentralKing West Central
662 King Street West
31,817 sfClassic b&b interior15 parking spaces2,900 sf vacant on closing, 1,415 sf now leased, leaving 1,485 sf vacant
662 King Street West
31,817 sfClassic b&b interior15 parking spaces2,900 sf vacant on closing, 1,415 sf now leased, leaving 1,485 sf vacant
Augmentation Entertainment DistrictAugmentation Entertainment District
Up from eight to 12 buildingsUp 32.8% from 382,890 sf to 508,858 sf312 Adelaide Street WestAdelaide-Simcoe Assembly
208-210 Adelaide Street West200 Adelaide Street West116 Simcoe StreetTotal land area 15,761 sf just off the core
Up from eight to 12 buildingsUp 32.8% from 382,890 sf to 508,858 sf312 Adelaide Street WestAdelaide-Simcoe Assembly
208-210 Adelaide Street West200 Adelaide Street West116 Simcoe StreetTotal land area 15,761 sf just off the core
Entertainment DistrictEntertainment District312 Adelaide Street West
71,795 sfClassic b&b interior12,544 sf vacant on closing, 8,142 sf now leased, leaving 4,402 sf vacant
312 Adelaide Street West
71,795 sfClassic b&b interior12,544 sf vacant on closing, 8,142 sf now leased, leaving 4,402 sf vacant
Entertainment DistrictEntertainment District
208-210 Adelaide Street West
12,330 sfClassic b&b interiorNo vacancy
208-210 Adelaide Street West
12,330 sfClassic b&b interiorNo vacancy
Entertainment DistrictEntertainment District
200 Adelaide Street West
28,024 sfClassic b&b interiorNo vacancy
200 Adelaide Street West
28,024 sfClassic b&b interiorNo vacancy
Entertainment DistrictEntertainment District
116 Simcoe Street
13,819 sfModern interiorNo vacancy
116 Simcoe Street
13,819 sfModern interiorNo vacancy
Augmentation Downtown EastAugmentation Downtown EastUp from five to eight buildingsUp 22% from 399,557 sf to 487,778 sf489 Queen Street EastProperties in Redevelopment
100 Lombard Street145 Berkeley Street
Up from five to eight buildingsUp 22% from 399,557 sf to 487,778 sf489 Queen Street EastProperties in Redevelopment
100 Lombard Street145 Berkeley Street
Downtown EastDowntown East
489 Queen Street East
32,592 sfClassic b&b interior20 parking spacesNo vacancy
489 Queen Street East
32,592 sfClassic b&b interior20 parking spacesNo vacancy
Downtown EastDowntown East
100 Lombard Street
44,600sfPartial b&b interior31.8% vacant
100 Lombard Street
44,600sfPartial b&b interior31.8% vacant
Downtown EastDowntown East
145 Berkeley Street
10,625 sfPartial b&b interiorThree parking spaces80% vacant
145 Berkeley Street
10,625 sfPartial b&b interiorThree parking spaces80% vacant
Financial ParametersFinancial Parameters
Capitalization RatesYear 1—7.6% Year 2 and Stabilized—8.3%
Unit CostFinished Buildings—$212/SFUnfinished Buildings—$100/SF
Net Rental RatesFinished Buildings—$17.50/SFAt or Slightly Below Market
Capitalization RatesYear 1—7.6% Year 2 and Stabilized—8.3%
Unit CostFinished Buildings—$212/SFUnfinished Buildings—$100/SF
Net Rental RatesFinished Buildings—$17.50/SFAt or Slightly Below Market
Financial ParametersFinancial Parameters
Vacancy on AcquisitionFinished Buildings—18,022 SF (7.8%)Unfinished Buildings—22,746 SF (41.2%)
Vacancy TodayFinished Buildings—5,887 (2.6%)Unfinished Buildings—unchanged
Vacancy on AcquisitionFinished Buildings—18,022 SF (7.8%)Unfinished Buildings—22,746 SF (41.2%)
Vacancy TodayFinished Buildings—5,887 (2.6%)Unfinished Buildings—unchanged
Financial ImplicationsFinancial Implications
Additional Financing--$22 Million$6 million now secured through $12 million upward refinancing of 312 Adelaide Street West for 10 years at 5.45%Remaining $16 million in first mortgage in progress for year-end closing
Accretive from Day 1Escalating accretion in Year 2
Additional Financing--$22 Million$6 million now secured through $12 million upward refinancing of 312 Adelaide Street West for 10 years at 5.45%Remaining $16 million in first mortgage in progress for year-end closing
Accretive from Day 1Escalating accretion in Year 2