Fiera Real Estate Industrial Fund Announces the Acquisition of two Industrial Portfolios
Fiera Real Estate Industrial Fund is pleased to announce the recent acquisition of two industrial portfolios, Burnside and Holten, located in Nova Soctia and Ontario.
The first acquisition, Burnside Industrial Portfolio, spreads across 4.64 acres of land area and is well-located in an established industrial node in Dartmouth with easy access to Highway 7, Highway 118, Downtown Halifax and Dartmouth City Center. Its properties are clustered within two kilometres of each other and other properties in the fund (1 Moore Rd, 3-7 Moore Rd, 12-26 Borden Ave, 28-38 Borden Ave, 40-46 Borden Ave) offering management synergies. Constructed in 1973, the portfolio features clear heights between 18’3’’ and 25’, 27 truck-level doors and three drive-in doors.
As for the second closing, Holten Industrial Portfolio, it is comprised of three buildings totalling 173,014 SF in Aurora and Kitchener, Ontario. Built between 1979 and 2018, the portfolio features 13 truck-level doors, five drive-in doors, 18-28 ft clear heights, and 31% site coverage. The properties are strategically situated within established industrial parks offering strong access to major provincial highway networks.
Michael O’Sullivan, Senior Vice President and Fund Manager, commented: “We are pleased to add three high quality industrial assets with long-term leases in Ontario to the Fund. As for the highly functional industrial buildings in Halifax, both assets offer significant opportunity to grow the rents as the leases expire and are being purchased at a significant discount to replacement cost.”