Today the Minegoziibe Anishinabe, a Treaty 4 & 2 community of 5,600 members on the west shore of Lake Winnipegosis, announce a significant ‘Land Back’ acquisition with the purchase of 114 Garry Street and 361-365 Hargrave street in downtown Winnipeg. This acquisition marks a significant revenue opportunity for the First Nation in the heart of downtown Winnipeg. This acquisition, supported by Brenda Johnston (Partner, Cochrane Sinclair) and Cochrane Sinclair LLP, represents a critical revenue-generating opportunity for the First Nation in the heart of the city.
Following the settlement of a historical agricultural benefits claim (Cows & Plows), which included a precedent setting per capita distribution (PCD) to its members, community leadership has moved to ensure that the remaining settlement proceeds are invested in long-term growth opportunities for future generations. This included a competitive bidding process to interview and hire, the highest performing investment advisors and managers in the industry. As part of an overall strategy for growth of community investments, the acquisitions of the commercial properties will complement a diversified portfolio of professionally managed investments.
“Government program & services funding will not help us overcome the poverty that our community has historically been subjected to in our homelands. We needed to look at the opportunity provided by a historic settlement with Canada as a step towards re-establishing ourselves as titleholders to strategic land holdings as part of a comprehensive approach to building long-term economic stability for our community” stated Minegoziibe Anishinabe Chief Derek Nepinak.
The acquisitions in downtown Winnipeg include two office buildings located at 114 Garry Street and 361 – 365 Hargrave Avenue. Together these buildings total over 140,000 square feet of quality office space with 100% occupancy. The Provincial and Federal governments are tenants in these buildings with long term leases. Investment yields are in the double digits for these acquisitions with the possibility of future land conversions to Reserve and commercially designated sites.
‘This is real investment with real returns based on careful negotiation, valuation and banking arrangements that will yield high returns to our community. Revenues from this investment will complement our other developments, as well as help us meet the demands of our community to provide adequate supports in housing, safe water and other important priorities of our membership” Chief Nepinak further stated.
Minegoziibe Anishinabe settled a $206,000,000 agricultural benefits settlement with Canada in late 2023. The claim was settled, in part, due to Canada’s failure to adequately address Treaty obligations owed to the families and community.
Brenda Johnston (Partner, Cochrane Sinclair LLP) and Cochrane Sinclair LLP played a pivotal role in advising and guiding the Minegoziibe Anishinabe throughout this acquisition process. Their expertise ensured this significant milestone was achieved, furthering the community’s economic independence and strategic growth.
