Urbanfund Corp. Acquires Interest in Signature Redevelopment Site at Yonge & Bloor

Urbanfund Corp. (TSXV: UFC) completed the acquisition of an interest in the high density residential/commercial re-development site located at the southeast corner of Yonge and Bloor Streets in Toronto, Ontario, arguably one of the best mixed-use sites available in Canada today. Urbanfund invested alongside Westdale Construction Co. Limited, Urbanfund’s largest shareholder, to form Bloor East Holdings Inc., which holds a 33.33% in the Property. Urbanfund purchased a 10% interest in Bloor East Holdings Inc., resulting in Urbanfund indirectly holding an approximately 3.33% interest in the Property.

This 50,400 square foot vacant development site was previously slated to be the 80 storey “One Bloor Street East” condominium site that saw prospective purchasers of condominiums line up for weeks to own a piece of this corner. Distinguished home and condominium builder, Great Gulf Homes, will be the developer of the Property.

Wildeboer Dellelce LLP acted for Urbanfund with respect to corporate and securities law matters with a team that included Robert Fonn and Troy Pocaluyko (corporate/securities).