Canadian pension fund closes on 37.5% interest in the Row

Blackstone provided $475 million to refinance the project

TRD LOS ANGELES /
Jun.June 16, 2017 08:30 AM
The Row DTLA

One of Canada’s largest pension funds is the newest equity partner in the Row in Downtown L.A.

Healthcare of Ontario Pension Plan (HOOPP) bought a 37.5 percent minority interest in the project for an undisclosed sum, the company said Thursday.

Atlas Capital Group and an institutional investment partnership managed by Square Mile Capital Management reduced their own respective stakes in the property through the deal but both remain as partners.

A spokesperson for Square Mile was not immediately available for comment.

The partners also secured a $475 million, three-year floating-rate loan through Blackstone Real Estate Debt Strategies to refinance the project.

The transaction was first reported by The Real Deal last week, though the identity of the new partner was not clear at the time.

The additional equity injection will go towards continuing the massive repositioning of the 1.8 million square feet of office and retail hub, the partners said.

Atlas and Square Mile partnered with USAA Real Estate Company to buy the creative reuse project as well as several separate properties for $357.4 million in 2014 from real estate investment trust EVOQ Properties, records show.

HOOPP is an active investor in Canadian and international real estate. Last year, it bought a half interest in the TransCanada Tower in Calgary for $257.4 million, for instance. It also recently provided a high-interest $1.5 billion line of credit to troubled Canadian mortgage lender Home Capital Group.

Doug Bond and Paul Brindley and associate director Brad Greenway of HFF brokered the deal.

Tenants who have signed on at the Row so far include Smorgasburg, Paramount Coffee Project and Tartine Manufactory.


Related Articles

arrow_forward_ios
“It doesn’t cost more to have ideas”: Architect Mark Rios on launching a fashion line and the latest real estate design trends

“It doesn’t cost more to have ideas”: Architect Mark Rios on launching a fashion line and the latest real estate design trends

Atlas, Square Mile sell pricey stake in the Row: sources

Atlas, Square Mile sell pricey stake in the Row: sources

J Brand, MiTu & others ink 50K sf of new deals at the Row

J Brand, MiTu & others ink 50K sf of new deals at the Row

Co-working company nabs 27K sf at ROW DTLA in Arts District

Co-working company nabs 27K sf at ROW DTLA in Arts District

Placeholder image

California courts ban evictions, foreclosures

Leslie Benzies, his existing mid-century home with Jerry Seinfeld (left) and renderings of two possible new homes on the properties (right) (Credit: Austin Hargrave/Wikipedia and Larry Busacca/Getty Images)

Square —acre — to spare: Seinfeld’s former Hollywood Hills home relists

Gavin Newsom (Credit: Justin Sullivan/Getty Images)

For California property owners, April 10 is still tax day

Rent isn’t due if you can’t afford it

LA landlords demand rent as confusion reigns over hardship relief

arrow_forward_ios
Loading...