Fiera Real Estate Industrial Fund Reaches $1 Billion in AUM
The Fiera Real Estate Industrial Fund (“FRE Industrial Fund”), an open-ended industrial fund managed by Fiera Real Estate, the global real estate investment platform of Fiera Capital Corporation (“Fiera Capital”), reached over C$1 billion in assets under management as of December 31, 2023. Notwithstanding a challenging year in a difficult macroeconomic environment, the FRE Industrial Fund completed over $100 million in transactions comprising of nine industrial assets across the Greater Toronto Area, Ottawa, London, and Halifax adding 560,000 square feet.
The Fund achieved a gross total return of 8.5% for 2023, ranking the fund #1 in the MSCI/REALPAC Canada Quarterly Property Fund Index, and has achieved 18.2% and 16.7% over the last three and five years, respectively. The Canadian performance index covers nine unlisted open‑ended real estate funds which had a benchmark gross total return for 2023 of negative 2.0%.
“The FRE Industrial Fund continues to grow and provide stable quarterly income by being in the highly coveted small-bay industrial segment,” said Michael O’Sullivan, Senior Vice President and Fund Manager. “In addition, the undersupply of buildings and high tenant demand positions the Fund for strong growth in 2024.”
“Our conviction and management capabilities in the industrial real estate sector has supported our performance in all our multifaceted products across the risk spectrum and various geographies,” added Wenzel Hoberg, Global Head of Real Estate.
John Valentini, Executive Director, President and Chief Executive Officer of Fiera Private Markets commented: “The FRE Industrial Fund is consistent with Fiera Capital’s Private Markets strategy of providing competitive mid-market open-ended investment strategies delivering highly competitive returns. We are pleased by the client engagement and alignment that led to this positive result.”