Westhaven REIT Announces the Acquisition of 74, 80 & 84 Trethewey Drive in Toronto, Ontario
For immediate release.
Wednesday, February 8th, 2023
Westhaven Real Estate Investment Trust (“Westhaven REIT”) is pleased to announce the acquisition of 74, 80 and 84 Trethewey Drive. The acquisition contributes to Westhaven REIT’s primary objective of expanding its asset base to generate long-term growth for all parties.
Situated in Toronto, Ontario, the three multi-family properties total approximately 11,877 square feet in leasable space. The acquisitions are as follows:
74 Trethewey Drive is a 2,447-square-foot multi-family property with three newly renovated residential suites.
80 Trethewey Drive is a 4,605-square-foot multi-family property with seven newly renovated residential suites.
84 Trethewey Drive is a 4,825-square-foot multi-family property with six newly renovated residential suites.
Each of the properties is located in the Beechborough-Greenbrook community, nearby sought-after amenities, making them a cash-flowing asset that will increase the value of the Westhaven REIT portfolio.
"Westhaven REIT is excited to announce the first of many acquisitions in Toronto, Ontario. This acquisition supports our mission of investing in quality real estate that delivers value for our investors and stakeholders," states Saverio Nestico MBA, CPA, Westhaven REIT President, and CIO. "We will continue to focus on building our portfolio to include a diverse range of multi-family properties in sought-after, high-growth markets throughout Canada."
Westhaven REIT intends to continue to build and diversify its portfolio to deliver exceptional value for its investors and stakeholders.
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.