Concert is pleased to announce the completion of its newest investment vehicle, CREC Commercial Fund LP. With existing assets valued at over $1 billion, the open-ended limited partnership fund currently consists of 60 properties across Canada that total over 7.6 million square feet, with plans to further expand the platform.
Over the past 18 years, Concert has acquired and developed an extensive portfolio of quality office and industrial properties across British Columbia, Alberta and Ontario. CREC Commercial Fund LP allows Concert to continue to grow its office and industrial portfolio in a significant manner while delivering high performance to both its investors and its increasing base of more than 600 tenants.
“Concert is now at a size and scale where we can match our multiple real estate portfolio offerings to the varying needs of Canadian pension plans and other Canadian institutional investors,” said David Podmore, Concert’s Chairman and Chief Executive Officer. “We are delighted with the strong investor demand and over-subscription for this fund which includes additional capital commitments for immediate deployment.”
CREC Commercial Fund LP will now be Concert’s exclusive office and industrial platform. Concert has maintained a 60% interest in the fund and will serve as the fund manager.
Founded in 1989, Concert specializes in developing rental apartments, condominium homes and retirement communities, acquiring and developing commercial, industrial and infrastructure properties and in property management. With operations in British Columbia, Alberta and Ontario and the backing of more than 200,000 Canadians represented by the union and management pension plans who own Concert, our commitment is to build strong, sustainable communities across Canada.