The Toronto-based Monarch is the Canadian division of the US homebuilder Taylor Morrison Home Corporation, which has its headquarters in Scottsdale, Arizona.
While Mattamy is making significant moves to grow its US profile — earlier this year it bought 9,600 acres of land in southwest Florida — this deal signals that Canada still figures heavily in the developer’s growth strategy.
Mattamy Homes currently has six new home developments in registration and 13 in the selling phase in Canada. All of its active projects are detached homes and townhomes. High-rise condominiums make up a larger part of Monarch‘s portfolio, which includes the 39-storey Picasso in downtown Toronto and a master-planned community in Toronto’s Humber Bay area. In total, Monarch has two developments in registration and 15 in the selling phase. Mattamy’s acquisition of the developer would be a major inroad to the high-rise market.
“Monarch is a leading builder in Ontario, with an exceptional reputation and portfolio of assets,” said Peter Gilgan, Founder and CEO of Mattamy, in a press release.
“The addition of the business to Mattamy Homes aligns well with our growth strategy, and we look forward to working with the talented Monarch team as we enhance our already significant footprint in Ontario and enter into the high-rise market.”
The deal is expected to officially close in the first quarter of 2015. According to a press release distributed today, the final purchase price “will be determined based on the December 31, 2014 Monarch balance sheet and certain agreed-upon adjustments.”
Pictured above is Monarch’s Riva del Lago in Toronto’s Humber Bay area.