Tempus Capital, TUK to develop new Toronto project

Executive Summary

• Tempus Capital Inc. entered a joint development agreement with TUK Group for a residential project in Toronto, delivering up to 14 units and bringing their combined total to 28 units, as part of a broader $100-million investment program.
• The company has decided not to proceed with the previously announced Oak Street Partners transaction following the completion of due diligence.
• Director Brian Roberts has resigned, with a replacement to be appointed in the near future.

Key Details

• Joint Development Agreement: Tempus Capital signed a joint development deal with TUK Group for a new project in Toronto.
• Project Scope: The specific project will deliver up to 14 residential units.
• Combined Portfolio: The partnership results in a combined projected 28 residential units developed by TUK Group and Tempus.
• Timeline: The new project is slated for completion by the fall of 2027.
• Future Pipeline: Several additional opportunities are under contract, positioning the partnership for continued expansion throughout 2026 and 2027.
• Investment Program: This announcement is part of a $100-million investment program announced on April 10, 2025.
• Strategic Focus: The partners are targeting mid-scale rental developments designed for working professionals and families, citing the importance of purpose-built rentals as a stabilizing asset class.
• Oak Street Partners Transaction: Tempus completed due diligence on the Oak Street Partners transaction (previously announced Sept. 24, 2025) and has decided not to proceed with the transaction at this time.
• Director Resignation: Brian Roberts resigned as a director.
• Succession: Tempus intends to appoint a new director to replace Mr. Roberts in the near future.

Notable Quotes

• "This project reflects the market reality we are seeing today. Families need attainable, well-designed rental options and municipalities need partners who can deliver responsibly. Purpose-built rentals are a stabilizing asset class that revitalize neighbourhoods and create long-term value. This opportunity, when completed will be accretive for our shareholders," — Russell Tanz, Tempus president and chief executive officer.