P
lazacorp Willowgrove Residential Real Estate Development Trust (the "REDT") has filed a preliminary prospectus for an initial public offering of its trust units, seeking to raise between $60 million and $75 million at $10 per unit. The REDT is a newly created investment trust owned by Plazacorp Investments Limited, established to own a majority interest in a residential development project in Markham and Stouffville, Ontario. The project involves developing two subdivisions with 676 residences and 297 serviced lots on 213 acres of land.

    The current owners will retain a minority stake after the offering, while none will receive net proceeds from the sale. These funds will be used to cover costs and fund development, as outlined in the prospectus. Significant progress has been made on approvals and pre-development work, including zoning and environmental planning. The total forecasted cost for the project is approximately $804.2 million.

    The REDT will be managed by Plazacorp Willowgrove REDT Management Inc., an affiliate of Plazacorp, with a board of trustees overseeing its administration. A limited partnership controlled by Plazacorp will develop the project and earn fees from lot sales.