How to get in on the $1 billion nestle home deal with Nestle
In a move that will allow more than 100,000 Canadians to own one of the world’s most valuable and valuable homes, the company said Wednesday it will invest up to $1.5 billion to expand and expand its existing nestle estate in the city of Toronto.
Nestle has been building the home since the 1960s, when it purchased the former St. George’s Presbyterian Church and converted it into the first of its many properties.
It’s now worth more than $1 trillion.
Nestlé has a stake in the property, which has a lot of history in Toronto, including a famous and iconic structure that was originally a firehouse.
Nestledown said it plans to continue operating the property with a small number of people working from the ground floor to the top of the house.
The company said the renovations will help bring the house up to code, with improvements to the interior that include a new roof.
“The goal is to get it into a great state of repair,” Nestle CEO Peter Branson said at a news conference Wednesday.
The house has become a magnet for the city, with a number of famous residents and celebrities visiting to stay and enjoy the estate.
The estate was built in 1905 by the British and later purchased by Nestlé in 1960.
The $2.4-billion purchase is the largest in Nestlé’s history.
It was the largest single-family residential purchase in Canada in 2017.
The Nestle deal comes on the heels of the Canadian government’s announcement it would invest $300 million into the property over the next five years.
The government will spend the money to create a new community centre and the building of a new, $100-million, indoor arena.
Nestles purchase of the property was also part of a $20-billion package announced Tuesday by Ontario Finance Minister Charles Sousa.