Driving Naari Programme launched in Chandigarh
TORONTO — The MaRS Discovery District says it has acquired private financing to repay much of what it received from the Ontario government to finance one of its towers in Toronto.
MaRS says it will get $290 million from Manulife, Sun Life Financial and iA Financial Group through investments in 19-year bonds.
The innovation hub in Toronto says the proceeds will be used to repay most of the Ontario government’s interest-bearing loans to MaRS almost three years ahead of schedule.
The provincial government said in 2014 that it would provide $309 million to support the MaRs development
MaRS CEO Ilse Treurnicht says its West Tower is now fully leased and will soon generate enough income to be entirely self-sustaining.
Ventures within the MaRS network currently employ more than 5,200 people.
