Ever wonder what Manitoba Public Insurance does with all the money they collect from you? $81.5 million of it was just spent on acquiring Cityplace. The 10-story downtown building at 333 St. Mary Avenue houses the Crown corporation’s headquarters.
The acquisition includes all office and retail space, as well as parking lots.
MPI says that the acquisition will contribute to stable operating costs and continued low Autopac rates.
Possession of the Cityplace property happens May 1, 2009, when it’s transferred from former owner Huntington Real Estate Investment Trust.