GUELPH, ON, Aug. 12, 2011 /CNW/ - The Co-operators announced today that the sale of its property at 148-152 Macdonell Street in Guelph to The Tricar Group (Tricar), a real estate development company specializing in luxury high rise condominiums based in London, Ontario, has been finalized and all conditions have been signed off. Tricar will take possession of the land on November 30^th.

Tricar is proposing a high-end condominium and commercial complex on the land, which is situated in downtown Guelph, overlooking the scenic Speed River. The proposed development will contribute to the achievement of the City of Guelph's priorities, which is also mandated to by the Province of Ontario's Places to Grow program-creating more dense sustainable development in the city.

The proposed building, which includes approximately 150 residential units as well as commercial space on the ground floor, will provide a boost for the downtown as it will allow more people to live and shop in the area.

"We are extremely happy that we were able to work with a great local company such as the Co-operators to complete this transaction as we continue through the development process. We are excited about this development and are confident that it will continue the positive momentum that has been created in downtown Guelph and will contribute to the vibrancy of this beautiful downtown centre for years to come," said Joe Carapella, President of The Tricar Group.

"We are pleased to complete the sale of land to Tricar, and look forward to seeing this development proceed. It will be an exciting contribution to the revitalization of the downtown core which is already underway and the expansion of GO service to the city," said Kathy Bardswick, President and CEO of the Co-operators.

About The Co-operators

The Co-operators Group Limited is a 100 percent Canadian-owned co-operative with more than $41 billion in assets under administration. Through, its group of companies, it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is owned by 45 Canadian co-operatives and credit union centrals. It is well known for its community involvement, and is listed among the 50 Best Employers in Canada.

About The Tricar Group

The Tricar Group is a family owned and operated real estate development company specializing in the development of high rise condominiums and apartment suites. For 25 years, Tricar has been an industry leader having completed over 4,000 suites throughout Southwestern Ontario and recently has been a catalyst in the revitalization of  downtown London with over 700 condominiums and apartment units completed or currently under construction in the downtown core. Previous developments in the City of Guelph include the last two high-rise projects completed in the City; Riverside Residences on the Park located at 685 Woolwich St., and Wyndham Place located at 60 Wyndham St. overlooking the Speed River