Posted on 10/10/2011

BOSTON— Taurus of Canada, an affiliate of Boston based Taurus Investment Holdings, LLC, announced the sale of its office building at 111 Peter Street, a 253,000 square foot class B office building in Toronto, ON, Canada.

The asset was purchased by Taurus in November 2007, just prior to the financial crisis in 2008. The purchase price at the time was CAD 39.2 million representing CAD 156 per square foot. Taurus acquired the property seeing significant value add potential through a releasing strategy. At the time of purchase the asset’s average lease rates were significantly below market. Taurus’ business plan was to bring the rents up to market levels over a period of 3 to 4 year and sell the property to a long-term hold oriented institutional investor. The strategy was executed successfully. Net Operating Income was increased by over 20% during the holding period and the asset was sold for CAD 52 million on September 30th, 2011.

“Taurus is thrilled with its results in our Peter Street Investment and with its overall investment returns since entering the Canadian market in 2002,” says Peter Merrigan, CEO of Taurus Investment Holdings. “We are proud of the successful execution of our strategy on Peter Street by our entire team and look forward to continuing to actively participate in the Canadian market. Canada offers a very stable and business friendly investment climate that provides a great compliment to our other North American and European markets.”