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The Canada Pension Plan Investment Board has acquired a 60% ownership interest in Minto High Park Village, a multi-family rental property, for approximately $105 million.

Minto will continue to own a 40% interest in the rental property and will continue to oversee management and leasing.

Read: World’s most expensive real estate

Minto High Park Village comprises three towers that range from 12 to 23 storeys, with a total of 750 rental units. The property is located within the High Park neighbourhood in Toronto, approximately 10 kilometres from the downtown core.

“This marks our first direct investment in Canadian multi-family real estate,” says Peter Ballon, managing director and head of Real Estate Investments, Americas for CPPIB. “With strong population growth and solid rental demand, Toronto is [a] top rental market.”

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Originally published on Advisor.ca

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