Freed Closes on $300M (CAD) Note through funds and accounts managed by BlackRock

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Dec 06, 2023, 08:00 ET

TORONTO, Dec. 6, 2023 /PRNewswire/ - Freed Corp., a prominent figure in the Canadian experience-based real estate sector, proudly announces the successful completion of a landmark $300 million (CAD) deal through funds and accounts managed by BlackRock, one of the world's leading providers of investment, advisory and risk management solutions.

Advised by TD Securities, this strategic initiative reinforces Freed's leadership position in the market. This simplifies Freed's debt structure, while providing growth capital for the platform to develop, renovate and evolve the portfolio, building on its previous successful acquisition of Ontario properties Deerhurst, Horseshoe, Muskoka Bay, and Blue Mountain development lands.

As part of the deal, Freed Resort Communities Inc. has successfully acquired the remaining 29% ownership interest from Skyline Investments in its resort portfolio, to have a consolidated 100% interest. The acquisition not only strengthens Freed's commitment to growth and innovation as it enters the new year, but also solidifies Freed as the largest owner operator of hotel and resort communities in Canada, showcasing its dedication to providing unparalleled four-season resort experiences.

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

Corey Shepherd, President of Freed Corp. says "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. We will have further announcements around the expansion of our resorts coming soon."

TD Securities acted as exclusive financial advisor to Freed on this transaction.

For further information on Freed Corp., head to: https://www.freeddevelopments.com/

About Freed:

For nearly 30 years, Freed has been a transformative force in Toronto's real estate landscape, specializing in luxurious modern condominium developments, F&B ventures, hotel and resorts, and commercial spaces. Founded by Peter Freed, the company's unique approach integrates vertical and horizontal strategies, aligning developments with effective construction, marketing, sales, and management strategies. This competitive approach amplifies the brand, engages with communities, delivers best-in-class service, and generates compelling investment opportunities.

SOURCE Freed Developments