Fiera Real Estate Industrial Fund acquires $260M Industrial Portfolio
On behalf of its Fiera Real Estate Industrial Fund (“FREIF”), Fiera Real Estate (“FRE”) is proud to announce the acquisition of 31 income producing industrial pan-Canadian properties from GPM Real Property (12) Fund (“GPM 12”), a closed-end fund that FRE also manages. This approximately $260 million transaction represents a substantial enhancement to FREIF, a market-leading open-end fund1 which finished 2021 with a total return of 25.52%2.
Mike O’Sullivan, SVP and Fund Manager of FREIF said: “This transaction, which increases the size of FREIF to over $750 million, enhances our ability to benefit from the economies of scale of this asset type across all major Canadian markets. FRIEF now has over 480 tenants and nearly 100 assets, all supported by FRE’s robust management platform. With many common investors in both GPM 12 and FREIF, this transaction was highly supported by the investors with 97% voting in favour of the transaction as they saw the true benefit of maintaining their investment in these highly profitable assets.”
“I am truly pleased by the client engagement and alignment that led to this positive result”, said Blair McCreadie, FRE’s Head of Canadian Real Estate. “FRE’s focus on providing strong performance and multifaceted investment solutions drove this transaction.”
Since acquiring the Integrated Asset Management business in 2019, a 40-year-old industrial property-focused platform, FREIF has grown by 170%, substantially outperformed its benchmark and broadened its client base. This supports FRE’s long-term strategy of continuing to expand its investor solutions globally.