Written by By Linda Geddes
CNN
(CNN) — A charitable foundation that has owned property in downtown Toronto since 1971 has sold the majority of its buildings for $36 million to investors, the organization says.
No net profit was realized from the sale of 10 of the 14 buildings it sold, according to the Hamilton Place Foundation.
It was unclear how much money was generated by the sale of the other four buildings, which were listed by Kennedy Wilson Canada Investment Management, along with a commercial building that held one-third of the holdings.
The foundation is still conducting an assessment of the impact of the sale on its endowment, but it believes the move will be in the best interests of the organization, its executive director Carol Leaming said in a statement.
“It was critical that we not miss the opportunity to exit high-risk investments,” she said. “The sale of buildings in downtown Toronto generated higher yields than they were offering in our income portfolio.”
The high-risk nature of the buildings, which currently house about 3,600 tenants, went hand-in-hand with the high values, the foundation says.