- New Condition
- Price1,852,017,319
Prime location
The subject property is designated “primary centre” in the city of Vaughan. This allows for
intensification in predominantly mixed-use, high and md-rise buildings, developed at an
appropriate intensity to support public transit. This area will a distinct place of major activity
around planned subway stations and existing regional shopping destinations
The property possesses all the attributes of an ideal retail location. It combines an exceptional
traffic count (over 130,000 cars and 15 bus routes from three major public transit companies pass
daily)
SECURED NOTES
7.0% P.A – 36 MONTHS (up to 48 months) – EUR 20,000,000
20% IRR thanks to a profit kicker distribution Attractive Return & short financing
7.0% per year + Profit kicker distributed at maturity allowing investors to reach 20% IRR
Repayment thanks to the proceeds of sale
Semi-annual coupon of 3,50% paid in arrears
Investment period of 36 months (up to 48 months) with a possibility of early repayments
A single strategy
Unique off-market opportunity
100% of the construction costs and 75% of the land acquisition are already financed
Despite the universal challenges of COVID-19, Vaughan remains a city in demand: during the
first quarter of 2020, the City of Vaughan issued 656 permits valued at over $128 million
With over 20 years of experience in real estate developments and high-end building in North
America (Toronto-based), Mizrahi Developments is today developing THE ONE, an 85-storey
building that will be the tallest residential tower in Canada
The Cenaro Group was founded in 2018, benefiting from its founder’s extensive experience,
Christophe Chevallier, with more than 20 years in Finance and Real Estate background
Since its incorporation, 19 series of Notes were issued, more than 20 financed projects. No
default- EUR 40m repaid
EUR 140m raised in 3 years
Right time to Invest
Home price increase: +8.3% p.a over the past ten years in Toronto
Even with many condo projects in the works, Toronto isn’t approving housing fast enough and is
underdeveloped by 26,000 homes
Toronto’s steady demand for housing trickles down to the rental market: +7% of rental growth in
2020
Toronto is Canada’s business and financial capital, a growing financial hub in North America, and
a top 10 global financial centre
With 120 cranes at work, Toronto has the largest number of major construction projects among
the 13 largest cities in North America
Ranked 17 among the world’s 25 most competitive cities
STEELES PROJECT
TORONTO – CANADA 180 Steeles Avenue West, Vaughan, Ontario
Terms in brief
Project Steeles development
Issuer Mizrahi-Cenaro Alliance Capital
Borrower MC Steeles SARL
Developer Mizrahi Constantine LP
Currency EUR
Issue Date 05/06/2022
Volume 20,000,000 EUR
Duration 36 months (+12 months)
Coupon Semi annually in arrears
Rate 7.0% p.a.
Guarantees
a) Pledge of the shares of MC Steeles SARL
b) Parent support: Sam M Holdco; which owns 33% of the land
plot (circa. EUR 48m)
c) Monitoring of the use of proceeds from the loans
Representative of the Noteholders Observer
Form Bearer form
Depositary bank Société Générale Securities Services
ISIN Code XS2472623854
Investment Structure
KEY-INFORMATION
Land costs 221.406.629 $
Construction costs 989.008.756 $
Financing costs 217.220.608 $
HST (Canadian
consumption tax)
42.706.252 $
Total expenses 1.470.342.245 $
Proceeds from sale 1.852.017.319 $
Profit 381.675.074 $
Profit on revenue 20,61%
MC Steeles SARL
180 Steeles
Mizrahi Constantine
Compartment