LiUNA pension fund acquiring mixed-use real estate in Toronto

The Laborers’ International Union of North America’s Central and Eastern Canada Pension Fund and Freed Developments Ltd. are jointly acquiring a mixed-use site in Toronto.

Fengate Asset Management Ltd. is managing the purchase on behalf of the LiUNA, taking on 21,853 square metres in real estate from Allied Hotel Properties Inc. Currently, the site holds a six-story hotel and has entitlements for the development of multiple high-rise residential buildings.