Freed Snags $300M Investment From BlackRock

Developer Freed Corp. has closed on a $300M investment from BlackRock-managed funds.

Announced on Wednesday, the new investment will be used to help Freed "develop, renovate and evolve" their portfolio of condos, hotels, resorts, and commercial spaces.

As part of the deal, Freed Resort Communities Inc. bought back the remaining 29% ownership interest held by Skyline Investments in its resort portfolio, giving Freed 100% control.

"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," said Freed Corp. President Corey Shepherd.

Freed has purchased a number of recreational properties in Ontario in recent years, including the $330M acquisition of Deerhurst Resort, Horseshoe Resort, and the remaining development lands at Blue Mountain Resort in 2021.

Today, the developer has several projects underway, including a proposed 700-unit build in Blue Mountain, and owns a number of well-known pubs and restaurants, including Lavelle on Toronto's bustling King Street West. Also on King West are a handful of Freed condo developments, like Fashion House, 629 King Residences, and Six50 King West.

In a release, Freed said the new funding from BlackRock — the world's largest asset manager — and the moves it has allowed the company to make "solidifies Freed as the largest owner operator of hotel and resort communities in Canada." With TD Securities acting as financial advisor to Freed on the transaction, the developer says it has been able to simplify its debt structure while simultaneously being provided growth capital.

"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" said Peter Freed, Founder and CEO of Freed Corp.

Looking to the future, Shepherd promised that further announcements around the expansion of Freed's resorts are coming soon.

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Freed Snags $300M Investment From BlackRock

In a release, Freed said the new funding from BlackRock — the world's largest asset manager — and the moves it has allowed the company to make "solidifies Freed as the largest owner operator of hotel and resort communities in Canada."

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An urban community will take shape in the coming decades at the Downsview Airport Lands and, in the meantime, Northcrest Developments is calling on artists to help bring the site to life through cultural events and installations come 2025 – including 600 metres of tarmac.

TRREB hasn’t updated its MLS maps since 2011, and several neighbourhoods have changed in Toronto since then.

The King Square Shopping Centre in Markham opened in 2019 and a hotel was also planned for the mall's surface parking lot.

The site of the project is 123 Bellamy Road North in Scarborough, which already comprises of a 12-storey rental building with 250 units.

The owner of the Brantford property, 111 Sherwood Investments Inc., was placed under receivership earlier this month at the request of NHE Capital Corp.