Slate Asset Management has completed the acquisition of Montreal-based Presima Inc. The deal adds $1.1 billion in assets to Slate’s investment management holdings and heightens its presence in the public markets, where Presima has carved out global REIT and ESG yield strategies for investors, and manages real estate assets and listed infrastructure portfolios.
“With the addition of Presima’s experienced team, we are scaling our public market investing capabilities and deepening our expertise to offer investors even more avenues to uncover value in the real estate market,” says Blair Welch, a founding partner of the alternative investment platform, which includes value-add, core, core-plus and development initiatives.
Most recently, Slate acquired 800 acres of industrial land and buildings from Stelco Inc. in Hamilton, with plans to redevelop it as an industrial park. In Toronto, Slate has staked out midtown prominence, with 10 assets including all four corners of the intersection of Yonge Street and St. Clair Avenue.
“Our team’s knowledge of private real estate markets coupled with Presima’s proven public market expertise positions Slate to capture a broader range of investment opportunities,” maintains Erik Dmytruk, managing director and portfolio manager at Slate Securities. “There is compelling investment opportunity in both private and public real estate — particularly given the disconnect between public and private valuations we are seeing in the real estate market today — and to uncover that opportunity requires deep knowledge of global real estate and capital markets.”
“The quality of REIT properties has improved, while an expansion of the number of REIT sectors allows for more choice and opportunity for real estate investors,” concurs Marc-André Flageole, Presima’s interim chief executive officer. “We are thrilled for our next evolution, leveraging Presima’s decades of public market knowledge and expertise to seamlessly integrate and build on the quality, breadth and depth of Slate’s investment management business.”
