The company says the acquisition represents a significant step in its growth strategy, enhancing its geographic reach into Northwestern Ontario.

The estimate to build the new building is $200 million. The cost will require the city to raise up to $135 million in additional financing.

The first phase of the work will refurbish up to 25 units at the Sir Adam Beck Complex, beginning in 2025.

The government is supporting $125 million in investments by four companies to expand local manufacturing capacity in the automotive and food processing sectors.

Prabmeet Sarkaria said the new agreement, announced late Monday, will allow construction on the Toronto-area highway to begin much earlier.