Manulife, Sun Life Financial and iA Financial Group will provide $ 290 million to the Innovation Center.
MaRS says it is able to repay its loan three years earlier than expected.
Ilse Treurnicht, President and CEO, says the West Tower spaces at the intersection of College and University streets in downtown Toronto are now all rented. This means that the income generated will soon enable the organization to be self-sufficient.
The ministers responsible for economic development in the province, Brad Duguid and Reza Moridi, welcomed the situation in a joint statement.
The decision to support MaRS is an example of the province’s willingness to serve the best interests of the people of Ontario despite opposition from some.
Brad Duguid and Reza Moridi, Minister of Economic Development and Growth and Minister of Research, Innovation and Science
The groups operating within MaRS employ 5,200 people.
MaRS is a not-for-profit organization that brings together the elite of research and innovation under one roof. Its goal is to help medical research and technology companies promote their products.