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Toronto-based Freed Corp. has closed on $300-million in financing provided by BlackRock-managed funds. As part of the transaction Freed has acquired the share of its resort portfolio previously held by Skyline Investments.
Freed made the announcement Wednesday morning, noting the transaction “simplifies Freed's debt structure, while providing growth capital for the platform to develop, renovate and evolve the portfolio.”
The deal builds on Freed’s acquisition of Ontario resort properties Deerhurst, Horseshoe, Muskoka Bay, and Blue Mountain development lands.
"We are very excited to grow our existing relationship with BlackRock and the subsequent opportunities it presents for executing our growth strategy across our hotel and resort portfolio in Ontario," Peter Freed, the CEO of Freed Corp., said in the announcement.
Freed now wholly owns resorts portfolio
The transaction allowed its Freed Resort Communities Inc. division to acquire the remaining 29 per cent ownership position held by Skyline Investments in the resort portfolio. Freed now wholly owns the portfolio.
The acquisition strengthens Freed's commitment to growth and innovation and solidifies it as the largest owner/operator of hotel and resort communities in Canada.
"This transaction not only reinforces our steadfast commitment to providing unparalleled resort experiences, but also underscores our dedication to contributing to the growth and development of these communities,” Corey Shepherd, president of Freed Corp., said in the announcement. “We will have further announcements around the expansion of our resorts coming soon."
TD Securities acted as the financial advisor to Freed on this transaction.
About Freed
For nearly 30 years, Freed has been involved in the Toronto real estate market, specializing in luxurious modern condominium developments, food and beverage ventures, hotels and resorts, and commercial spaces.
Founded by Peter Freed, the company's approach integrates vertical and horizontal strategies, aligning developments with construction, marketing, sales, and management strategies.
The firm has an extensive list of ongoing developments as well as completed past projects in the Greater Toronto Area and other locations.
Among its completed developments are 150 and 155 Redpath, 629 King Residences and 66 Portland. It has also developed numerous projects at its resort portfolio.
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