REC Commercial Fund LP acquires Canada’s largest LEED Gold Certified industrial warehouse for $158.25 million
Fully leased best-in-class 895,038-square-foot distribution facility in Brampton, Ontario redefining warehousing of the future
FOR IMMEDIATE RELEASE
April 10, 2017 VANCOUVER, BC – Vancouver-based CREC Commercial Fund LP (the “Fund”) has added a landmark Ontario asset to its commercial real estate portfolio, with the $158.25 million acquisition of an 895,038-square-foot warehousing and distribution facility at 8875 Torbram Road in Brampton.
Situated on 37.4 acres in Bramalea Business Park, the recently completed, state-of-the-art, 38-foot clear height, LEED Gold Certified building is located near major highways, two intermodal terminals, transit and Toronto Pearson International Airport. The building is the largest LEED Gold Certified building in Canada, and is fully leased to leading retail and logistics companies.
It is the first acquisition made by CREC Commercial Fund LP, an open-ended, limited partnership fund formed October 1, 2016, which now serves as Concert’s exclusive commercial platform.
“Our new asset is perfectly suited to serve the needs of modern supply chain management systems, which are driving the demand for warehouse distribution facilities close to urban areas with access to both labour and transit, in addition to the scale and functionality of the buildings themselves,” said David Podmore, Concert’s Chairman and CEO. “Demand for high quality warehouse space in close proximity to Toronto’s growing business and residential communities will only continue to grow.”
The Fund holds a diversified Canadian portfolio with assets valued at over $1 billion. With this new acquisition, CREC Commercial Fund LP has grown to 61 office and industrial properties totaling nearly
8.5 million square feet. Concert maintains a 60% interest in the Fund and serves as the Fund Manager.
As the Fund’s largest industrial building in size and dollar value, 8875 Torbram Road solidifies the Fund’s status as a major player in the Canadian commercial real estate industry.
“For the last 18 years Concert has built a solid reputation acquiring high-performing office and industrial properties. Now at the core of our newly created CREC Commercial Fund LP, these assets have generated attractive returns for investors from day one,” added Andrew Tong, Concert’s Senior Vice President, Investments, who also serves as the Fund’s Managing Director. “An exceptional addition to the portfolio, this property further enhances long-term value for our investors.”
About CREC Commercial Fund LP
With existing assets valued at over $1 billion, Concert’s fully-subscribed CREC Commercial Fund LP is a diversified Canadian portfolio formed on October 1, 2016. With ongoing plans to expand, this open- ended, limited partnership fund maximizes long-term value for Canadian Pension Plans and other Canadian institutional investors by acquiring and managing office and industrial real estate in Canada.Serving as Concert’s exclusive commercial platform, this high-quality portfolio is managed by Concert, which retains a 60% interest.
Cadillac Fairview is now longterm sponsor for Team Canada.
Cadillac Fairview properties named “The Official Home of Team Canada”
TORONTO, ON - September 20, 2017 – On Wednesday, two of Canada’s most notable organizations teamed up, as Cadillac Fairview (CF) and the Canadian Olympic Committee (COC) announced an 11-year partnership aimed at growing and supporting the Olympic Movement in Canada. This move names CF as the Official Home of Team Canada, reinforcing CF’s ongoing commitment to building and owning vibrant, landmark destinations that deliver unique, elevated experiences.
“CF has a long history of transforming and supporting the communities we operate in, developing meaningful relationships that extend beyond bricks and mortar,” said John Sullivan, President & CEO, Cadillac Fairview. “We believe in the power of great teams and following months of planning, we are excited to officially join forces with the COC and look forward to building a program that will bring the Olympic spirit and sense of optimism to Canadians and visitors coast-to-coast in the communities we serve.”
300,000 active and retired school teachers. The real estate portfolio also includes investments in retail, mixed-use and industrial real estate in Brazil, Colombia and Mexico.
Valued at more than $28 Billion, the Canadian portfolio includes over 38 million square feet of leasable space at 67 properties in Canada, including landmark developments, such as Toronto-Dominion Centre, CF Toronto Eaton Centre, CF Pacific Centre, CF Chinook Centre, Tour Deloitte and CF Carrefour Laval.
About the Canadian Olympic Committee
The Canadian Olympic Committee (COC) leads the achievement of the Canadian Olympic Team's podium success and advances Olympic values in Canada. Independent and predominantly privately funded, the COC delivers resources that Canada's elite athletes need to prepare the Team for the Olympic Games, Youth Olympic Games, and Pan American Games. By sharing our athletes' stories, we inspire all Canadians: 24 hours a day, 7 days a week, 365 days a year.