Immostar and Fiera Properties form a new partnership
Quebec City, July 6, 2017 - Immostar is proud to announce a new real estate partnership with Fiera Properties Limited (“Fiera Properties”), a leading real estate investment management firm and an affiliate of Fiera Capital Corporation (TSX: FSZ) through its joint acquisition of Place de l’Escarpement, in Quebec City.
Place de l’Escarpement is an environmentally‑friendly office complex built in 2009 and was the first private building in the greater Quebec City metropolitan area to be certified LEED®-NC Gold. The building, which is strategically located near Galeries de la Capitale at Boulevard Lebourgneuf and Autoroute Robert-Bourassa, boasts an outstanding visual impact, unrivalled construction quality, and numerous excellent features that make it a highly coveted complex. The site is surrounded by 6 km of natural parkland, for a uniquely upscale work environment. With a total of 140,000 sq. ft. across seven storeys, the building has attracted prestigious tenants including Promutuel Insurance (head office), Fujistu, and the Engineering Department for the City of Québec. It also houses an orthodontics clinic, a private daycare, and two restaurants.
Under this partnership, Immostar will perform property management services and will also steer future development of the Place de l’Escarpement Phase II lands.
“We’re extremely proud to have established a solid partnership with Fiera Capital’s real estate affiliate, Fiera Properties. They have a sound investment track record and an approach that’s in keeping with our corporate vision,” said Kevin Lachance, Immostar Partner and Vice President of Finance & Investments. “The partnership strengthens our position in Quebec’s real estate market and will allow us to seize more attractive opportunities,” he added.
“The partnership marks Fiera Properties’ first transaction in Quebec City and significantly enhances and diversifies our existing real estate portfolio,” stated Blair McCreadie, Senior Vice-President & Fund Manager with Fiera Properties. “This equity investment also provides stable, growing income for our investors and an opportunity to support our tenant growth via future development of the Phase II lands”, Blair further added.
“The greater Quebec City area is a key market for Canadian investors in the real estate industry. This partnership is a sign of Fiera Properties’ true confidence in our abilities and the beginning of a business relationship that should be mutually beneficial for our collective investors for many years to come,” said André Pelchat, President of Immostar.
About Fiera Properties
Fiera Properties Limited (“FPL”) is a leading Canadian real estate investment management firm with both institutional investors, foundation and endowment clients, and high net worth investors. As of March 31, 2017, FPL has $1.8 billion of assets under management which is comprised of the Fiera Properties CORE Fund, the Fiera Properties GTA Opportunity Fund and segregated accounts. Through direct investment in exceptional real estate across Canada, FPL offers strategies that produce stable, growing income and capital appreciation. Strategies are comprised of institutional-grade retail, office, industrial and multi-family properties in all major markets in Canada. As part of the Fiera Capital family of alternative asset offerings, FPL includes