Over $250 million of new equity raised
September 25, 2019, VANCOUVER, BC – Concert is pleased to announce the successful recapitalization of CREC Commercial Fund LP (the “Fund”) with over $250 million of additional new equity commitments raised to further expand the platform over the next three years. Initially formed with assets valued at over $1 billion on October 1, 2016, the Fund’s assets have since grown to $1.8 billion.
Over the past 21 years, Concert has acquired and developed an extensive portfolio of quality office, industrial, and commercial properties across Canada. With completion of two recent acquisitions – the one million square foot Ottawa Amazon Fulfillment Centre and the 102,000 square foot fully leased office building in Mississauga, the Fund will have fully invested $256 million of additional equity from the initial 2016 capital raised over its three-year investment period. The open-ended limited partnership fund now consists of 70 properties across Canada totalling over 9.5 million square feet.
The Fund continues to seek acquisition opportunities both in its current primary markets of British Columbia, Alberta and the Greater Toronto area, as well as in additional important urban centres across Canada.
This recapitalization of the Fund allows Concert to continue to grow its portfolio in a significant manner while delivering stable and sustainable performance to its investors, tenants and the communities in which it invests. “Concert has achieved our recapitalization goals amidst changing market conditions, which speaks to the quality of our investments and our management approach in delivering long-term value to our investors.” Says Brian McCauley, Concert’s President & Chief Executive Officer.
Concert’s fully-subscribed CREC Commercial Fund LP is a diversified Canadian portfolio. The high-quality portfolio is managed by Concert and serves as Concert’s exclusive office, industrial and commercial real estate platform.
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 across Canada 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. www.ConcertProperties.com
Manager, Corporate Communications
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