MaRS completes $290 mln private deal to refinance West Tower
Toronto innovation hub MaRS Discovery District has completed a $290 million private financing of its West Tower, which offers more than 1.5 million square feet to research labs, startups and other groups. The proceeds of the deal, which was led by Manulife, Sun Life Financial and iA Financial Group, will be used to repay most of the loans provided to MaRS by the Ontario government almost three years ahead of schedule. Ilse Treurnicht, CEO of MaRS, said the refinancing will allow West Tower to be become "entirely self-sustaining, putting MaRS on stable footing for decades to come." MaRS reports that ventures within its network raised $2.6 billion in capital between 2008 and 2015.
9 February 2017•4 mins read
