GUELPH, ON, Jan. 19 /CNW/ - The Co-operators announced today the sale of its property at 148-152 Macdonell Street in Guelph to the Tricar Group, a real estate development company specializing in luxury high rise condominiums based in London, Ontario. The sale is subject to closing conditions and securing the appropriate planning approvals. Tricar will be proposing a high-end condominium and commercial complex on the land, which is situated in downtown Guelph, overlooking the scenic Speed River.

The development will contribute to the achievement of one of the City of Guelph's priorities, which is also mandated by the province's Places to Grow program - creating more dense and 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.

"It's rare that such an ideal property in a lively downtown location become available for development," said Joe Carapella, President of Tricar. "There is a healthy market for high-end condos in downtown Guelph, and we expect a great deal of interest in these suites."

In 2008, The Co-operators divested the majority of its real estate portfolio, but kept ownership of this property adjacent to its head office in order to ensure it would be developed in a way that benefited the city. Tricar, a locally-owned leader in the development of luxury highrise condominiums, was an ideal buyer whose plan will create much-needed residential space downtown.

"It was important to us that the potential of this piece of land be realized for the betterment of the community," Kathy Bardswick, president and CEO of The Cooperators. "A development of this scale and quality will be a real boon for the downtown core."

About The Co-operators:
The Co-operators Group Limited is a 100 per cent Canadian-owned co-operative with more than $42 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 47 Canadian co-operatives, credit union centrals and like-minded organizations. It is well known for its community involvement, and is listed among the 50 Best Employers in Canada.

About Tricar Group:
The Tricar Group is a family owned and operated real estate development company specializing in the development of high rise condominium 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 condominium 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.