Apartments For Rent Calgary

Yoga-loving real estate mogul in Toronto on scouting mission

In the button-downed world of Canadian real estate, few executives can claim to be as colourful as Bob Dhillon.

It’s hard to figure out where to start when describing the Calgary based multi-millionaire.

There is his 3,000-acre island in Belize that he bought more than a decade ago and is developing into a massive resort property.

The neighbouring island belongs to actor Leonardo DiCaprio.

Then there is his love for yoga, meditation and salsa dancing.

Or perhaps it is his statement made many years ago that he intends to become the world’s first Sikh Billionaire.

Dhillon isn’t quite there yet, but he is already one of the richest men in western Canada. He owns 40 per cent of apartment owner Mainstreet Equities Corp.

Mainstreet owns more than 6,000 units scattered throughout Vancouver, Calgary, Edmonton, Saskatoon and the Greater Toronto Area, a holding which has an appraised value of $810 million. Dhillon says he has a short term target of $1 billion.

The company is coming off a banner second quarter in results announced recently. Rental revenue is up 20 per cent to $15.6 million, and net operating income from operations increased by 20 per cent to $9.1 million. And compared to the second quarter of 2010 when vacancy rates were a lofty 18.8 per cent because of a still-shaky economy, Dhillon has managed to reduce that number to 11.8 per cent.

“It’s been a great year. And yes, I realize that it comes across as completely egocentric, telling people you want to become the first Sikh Billionaire,” says Dhillon, sipping tea in his suite at the Four Seasons Hotel in Toronto. “But it seemed like a fun thing to say at the time. It wasn’t about keeping a scorecard, but inspiring the next generation of South Asians.”

Dhillon also owns numerous companies, such as a credit card processing facility and other real estate-related businesses. At one point he had a company that owned the rights to Tabasco sauce in India. But he sold that to concentrate on real estate.

It was a good move. His stock, now in the $17 range, has traded as high as $18, with a low of $9.51 during the last 52 weeks. That’s compared with a sub $4 price during the recession, when Dhillon decided to buy back much of his stock.

“They thought I was crazy then, but the price was ridiculously low,” said Dhillon.

Now some analysts think it can hit over $22. But for that to happen, Dhillon has to get his vacancy rates down even further, and to find properties that he can turn around.

Apartments for Rent in Calgary | ArticleField.com

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