TORONTO, Nov. 17, 2023 (GLOBE NEWSWIRE) -- Altree Developments Inc. ("Altree"), in collaboration with Avenir Jersey Developments Limited ("AJDL") (a company owned by associates of Lanterra Developments Inc.) and Westdale Construction Co., Limited ("Westdale Properties"), is excited to announce today the successful closing of the initial public offering ("IPO") of the West Side Square Development Fund. The proceeds from the IPO of West Side Square Development Fund, an innovative mutual fund trust, will be used to fund the development and unlock the potential of West Side Square, an ambitious purpose-built rental development in New Jersey, offering value-creating potential for investors.
Highlights:
- Unlock value for Altree shareholders.
- Successful public capital raises to fund the development of West Side Square, while Altree, AJDL, Westdale Properties, among others, retain an interest in the project.
As we embark on this transformative journey with the West Side Square Development Fund, we're not just reshaping the Jersey City skyline; we're unlocking significant value for Altree shareholders,” says Zev Mandelbaum, Altree Developments' Founder and CEO. “West Side Square's strategic location, seamless Manhattan connectivity, and integration into the Journal Square neighbourhood embody our commitment to innovation and urban development. This further underscores our pledge to redefine the future of investments for Altree stakeholders as leaders in creating and developing world-class experiences.”
West Side Square represents a fully zoned development site strategically located in the vibrant Journal Square neighborhood in New Jersey. Construction is poised to commence shortly following the closing of the IPO. The development boasts direct access to the New Jersey Port Authority (PATH) transit system, offering a swift 13-minute train ride to the heart of Manhattan's Financial District. As Journal Square continues to experience robust rental and economic growth, with notable projects like the Journal Squared Towers, the stage is set for ongoing development in the area. Furthermore, West Side Square's proximity to the esteemed Mana Contemporary Art Center, Lincoln Park, and the Hackensack River Waterfront adds to its allure.
The Offering was led by CIBC World Markets Inc.
About Altree Developments:
Altree Developments stems from a long lineage of multi-generational experience in the development field. Led by Zev Mandelbaum, Altree is a leading development company focused on acquiring and developing strategic residential and hospitality properties in North America and the Caribbean. With a diverse portfolio of mixed-use projects ranging from ultra-luxury condominiums to master-planned communities. Our vision is to deliver prime residential locations with long-term value and growth potential. For more information, visit www.altreedevelopments.com
Media Contact:
For more information, please contact:
Serena Rubino | srubino@altreedev.com | (647) 207-7776
