What Trinity Development Group does

Trinity Development Group (legal name Trinity Inc., operating as Trinity Group) is a privately held Canadian real estate development company founded in 1992 by John Ruddy and headquartered in Toronto, Ontario, with a regional office in Ottawa. The company develops, leases, and manages real estate across three core segments: Urban Mixed-Use Centres, Community Centres, and Large Format Centres, with a portfolio spanning Ontario (26 properties), Alberta (5), and Quebec (2). Since founding, Trinity has developed 32 million square feet of retail, commercial, and residential space and currently manages 11.2 million square feet of construction or expansion projects.

The company operates a fully integrated platform covering development, design, construction, commercial and residential leasing, property management, and investment fund management. Revenue is generated through development and construction management fees, recurring commercial and residential leasing/property management income, and fund management fees plus carried interest from vehicles such as the Trinity Shenkman Retail Fund I LP (targeting 6.5%-8.5% income return and 10%-13% IRR) and Trinity Retail Fund II LP. The customer base is bifurcated: (1) national and regional enterprise retail tenants (Walmart, Costco, Lowe's, Sobeys, Metro, LCBO, Cineplex, Whole Foods, Longo's, Save-On-Foods, GoodLife Fitness, Scotiabank, TD) acting as anchor and inline tenants; and (2) institutional investors (pension funds, REITs, family offices) participating in the funds, alongside a growing residential renter base served through a ~2,700-unit pipeline with Timbercreek.

Under the leadership of Executive Chairman John Ruddy and President & CEO Fred Waks (formerly President & COO of RioCan), Trinity has executed three acquisitions and one divestiture in 2024-2025, secured a $419M Lansdowne 2.0 redevelopment approval in November 2025 with construction commencing in January 2026, and brought LaSalle Investment Management in as a 47.5% co-investor on the Rideau & Chapel project. The company also operates the Trinity Foundation and holds a strategic relationship with the Ottawa Sports and Entertainment Group (OSEG), in which John Ruddy is majority shareholder, which owns the Ottawa Redblacks, Ottawa Fury, and Ottawa 67's and is the redevelopment partner for Lansdowne Park.

Name

Trinity Development Group

Legal name

Trinity Inc.

Website

https://trinity-group.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Short description

Trinity Development Group is a Toronto-based Canadian real estate developer founded in 1992 that develops, leases, and manages urban mixed-use, community, and large-format retail centres across Ontario, Alberta, and Quebec, serving national retail tenants, residential renters, and institutional investors through integrated development and fund platforms.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development

NAICS

Other Activities Related to Real Estate (531390), Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Dealers (For Their Own Account) (6532), Land Subdividers & Developers (No Cemeteries) (6552), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industries

New Construction & Builder Sales (BPAJAAAB), Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

Keywords

• Commercial real estate development
• Mixed-use property development
• Retail leasing services
• Property management services
• Real estate investment funds

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Development Fees and Construction Management: Trinity generates revenue through development and construction management of large-scale mixed-use, community, and large format retail centres across Canada, managing projects from conception through completion. Currently managing 11.2 million square feet of construction or expansion.
2. Commercial Leasing: The leasing team curates and secures retail and office tenants across the portfolio, driving occupancy rates and generating leasing commissions and base rent income from tenants including national anchors (grocery, pharmacy) and specialty retailers.
3. Property Management: Trinity manages its own portfolio of retail, office, and residential properties, applying proactive management strategies to resolve obstacles and maximize tenant performance, generating management fee income.
4. Investment Fund Management: Through the Trinity Shenkman Retail Fund I LP, Trinity raises capital from institutional investors and generates fund management fees and carried interest based on fund performance targets of 6.5%-8.5% income return and 10%-13% IRR over a five-year term.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Trinity Development Group develops, owns, and manages grocery-anchored and mixed-use real estate across Canada, delivering large-scale retail, office, and residential developments across three segments (Urban Mixed-Use Centres, Community Centres, and Large Format Centres). The company also operates private real estate investment funds (e.g., Trinity Shenkman Retail Fund I LP) targeting institutional investors and provides in-house commercial leasing, residential leasing, property management, and construction management services across its portfolio.

Product overview

Trinity Development Group is a Canadian real estate development company founded in 1992 that operates as a single integrated platform offering development, leasing, investment, property management, and construction services across three core segments: Urban Mixed-Use Centres, Community Centres, and Large Format Centres. The company has developed over 32 million square feet of retail, commercial, and residential space. Its product portfolio includes diverse property types spanning grocery-anchored shopping centres, mixed-use developments combining retail and residential components, and large-scale retail properties. Key named developments include Lansdowne Live in Ottawa, Town Centre at Trinity Hills and Gateway at Trinity Hills in Calgary, 2131 Yonge Street in Toronto, and numerous community shopping centres across Canada. The company also manages the Trinity Shenkman Retail Fund I Limited Partnership investment vehicle targeting necessity-based retail properties. Services include commercial leasing, residential rentals, property management, and construction delivery, with projects currently totalling 11.2 million square feet under development.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial Leasing Services
• Commercial Property Management
• Residential Rentals
• Construction Services
• TS Retail Fund (Trinity Shenkman Retail Fund I Limited Partnership)
• Trinity Retail Fund II LP (TRF II)

Quantifiable outcome

• 32 million square feet of retail, commercial, and residential space developed since 1992
• +4 more outcomes

Named customers20 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• TimbercreekcoreStrategic or Co-development Partner · 1 January 2018Timbercreek is a joint venture partner with Trinity on multiple Toronto and Ottawa developments. The Timbertrin partnership acquired the Main + Main portfolio in early 2018 and is developing properties at Queen and Bathurst (Toronto), Rideau and Chapel (Ottawa), and other sites. The partnership is also advancing a 2,700-apartment pipeline in Ottawa near LRT stops.
• Ottawa Sports and Entertainment Group (OSEG)coreStrategic or Co-development PartnerJohn Ruddy, Trinity's Executive Chairman and majority shareholder of OSEG, leads this group that owns the CFL Ottawa Redblacks, Ottawa Fury Soccer Club, OHL Ottawa 67's, and is responsible for the Lansdowne Park redevelopment. OSEG's partnership with Trinity is central to the Lansdowne Live and Lansdowne 2.0 developments.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• RioCan REIT: Canada's largest retail REIT and Trinity's most direct peer in grocery-anchored and necessity-based retail real estate. Trinity's CEO Fred Waks previously served as President & COO of RioCan, and the two operate overlapping tenant rosters across major Canadian metros.
• CT REIT: Canadian Tire-anchored retail REIT with a national portfolio of necessity-based shopping centres, directly comparable to Trinity's shadow-anchored and Canadian Tire-anchored community centres such as Cornerstone Olds, Cornerstone Okotoks, and Findlay Creek.
• Morguard REIT: Diversified Canadian REIT focused on retail, office, and mixed-use properties. Overlaps with Trinity's retail and mixed-use development platform and is comparable in Canadian mid-market urban intensification strategy.
• Crombie REIT: Owner and developer of grocery-anchored retail and mixed-use properties across Canada, with strategic relationships with Sobeys and Empire. Directly comparable to Trinity's Sobeys-anchored (Cornerstone Olds, Cornerstone Okotoks) and grocery-anchored community centre strategy.
• SmartCentres REIT: Owner and developer of Walmart-anchored retail and mixed-use properties across Canada, directly overlapping with Trinity's Large Format Centre segment and Walmart-anchored assets (e.g., Sheridan Plaza, Trinity District at Lakeview).
• First Capital REIT: Owns and develops grocery-anchored, mixed-use, and necessity-based retail centres across Canada. Closely comparable to Trinity's Community and Urban Mixed-Use Centre segments, with similar tenant strategy and urban intensification focus.
• Choice Properties REIT: Largest owner and developer of retail-anchored mixed-use real estate in Canada, with a Loblaw-anchored grocery portfolio. Comparable to Trinity in necessity-based retail strategy and Canadian footprint, and is a known prior employer of Trinity's VP Leasing David Scorniaenchi.
• Primaris REIT: Canada's largest enclosed mall owner with a growing portfolio of necessity-based and value-oriented shopping centres. Comparable to Trinity in retail real estate strategy and Canadian focus, though Primaris skews more toward enclosed malls.

Broad incumbents

• Allied Properties REIT: Canadian REIT focused on urban office and, increasingly, mixed-use developments. Comparable to Trinity's mixed-use and office components (e.g., Lansdowne Live office) but specialized in creative-office rather than retail-anchored developments.
• Brookfield Property Partners / BPG: Global commercial real estate owner, developer, and operator with significant Canadian retail and mixed-use exposure. Comparable to Trinity at the broad level of large-scale mixed-use and necessity-based retail development, though much larger and more diversified.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Trinity Development Group