Westhaven Group Announces the Launch of Westhaven REIT
For immediate release.
Wednesday, January 25th, 2023
The Westhaven Group is proud to announce the launch of Westhaven Real Estate Investment Trust (“Westhaven REIT”). Westhaven REIT will focus on owning and operating revenue-producing real estate property, primarily for commercial use, including residential, retail, office, industrial, and multi-family properties in Canada and the United States.
Since the REIT was established, the Westhaven Group has built an impressive portfolio that includes six multi-family properties in Toronto, Ontario, totalling approximately 41,710 square feet of gross leasable area. Westhaven REIT is a real estate investment trust (REIT) in accordance with the Income Tax Act (Canada). Westhaven REIT maintains a diversified real estate property portfolio, which is intended to provide for cash-flowing assets, value creation, transparency and strong governance.
Michelle Groccia-Memme, Managing Director at Westhaven Group, stated the following with respect to the launch of Westhaven REIT: “Westhaven REIT’s primary objective is to generate long-term growth through investing in quality real estate. With a robust foundation in excellence, Westhaven REIT intends to continue to expand its portfolio and deliver exceptional value for its investors and stakeholders.”
Michael Bluestein, senior corporate and securities lawyer for Westhaven REIT, stated: “We are extremely pleased to work with the Westhaven team on the new Westhaven REIT. The team has strong experience and we look forward to working with them to execute on their business plan.”
Westhaven REIT intends to continue to build and diversify its asset base, strengthen its market position, and enrich the communities it serves.
For more information contact:
Maria Fiorini
Director, Marketing & Communications, Westhaven Group
Caution regarding forward-looking statements
This press release contains forward-looking statements and information within the meaning of applicable securities law, including but not limited to expectations related to Westhaven REIT's future business strategy, objectives and plans for expansion; future performance; and anticipated benefits of Westhaven REIT’s strategy. These forward-looking statements reflect management’s current expectations and are subject to risks and uncertainties that could cause the outcome to differ materially from current expectations. Such risks and uncertainties include, among others: general economic conditions; tenant financial difficulties, defaults and bankruptcies; increases in operating costs, property taxes and income taxes; Westhaven REIT’s ability to maintain occupancy and to lease or release space at current or anticipated rents; development, intensification and acquisition activities; risks related to property development, sales and leasing; environmental liability and compliance costs and uninsured losses; and risks and uncertainties related to the impact of the COVID-19 pandemic or other epidemics or outbreaks. Readers, therefore, should not place undue reliance on any such forward-looking statements. Westhaven Group undertakes no obligation to publicly update any forward-looking statements or to reflect new information or the occurrence of future events or circumstances except as required by applicable securities law. All forward-looking statements in this press release are made as of the date hereof and are qualified by these cautionary statements.
About Westhaven Group
WHERE INTEGRITY AND RELIABILITY MEET.
Westhaven Group oversees a collection of companies involved in managing and trading over 600,000 square feet of real estate across the City of Toronto and surrounding areas.
With multiple years of experience in the industry, our team works within residential and commercial spaces ensuring every aspect of real estate investment is covered.
Westhaven Group is a go-to source for all of your company needs.