The partners of RECan Global are pleased to announce the launch of the RECan Global Diversified Canadian Real Estate Fund SCS, SICAV-RAIF, its real estate investment umbrella fund. Established in Luxembourg as an Alternative Investment Fund (AIF), the Fund will provide investors with an opportunity to invest in a diversified portfolio of Canadian commercial and multi-residential real estate.
Under the Luxembourg-based SCS, SICAV-RAIF fund structure the Fund will contain two distinctive sub-funds:
- RECan Canadian Commercial Real Estate Fund I
- RECan Canadian Multi-Residential Real Estate Fund I
Brian Toole, Partner at RECan and based in Halifax: “While both sub-funds will have a geographic focus on Eastern Canada (Ontario, Quebec and the Maritimes), the Commercial fund will target core quality office and industrial properties, while the Multi-Residential fund will target newer, high-quality, multi-residential real estate.”
As part of the German/Canadian RECan Group, RECan Global GmbH is the Fund’s Investment Advisor, the Luxembourg based independent fund management firm Pancura has been appointed as the Alternative Investment Fund Manager (AIFM) and Pandomus is providing fund administrative services (Central Administration & Transfer Agent). The Fund auditor is Deloitte in Luxembourg, and the depositary bank is Hauck & Aufhäuser (Custody & Paying Agent).
Dr. Bernhard Engelbrecht, RECan Partner and Managing Director in Germany and Luxembourg: “We are proud that these highly professional and recognized partners have agreed to work with the RECan Group partners on this new Fund.” Sven J. Matten, RECan Partner and Managing Director in Germany, adds: “We are confident that this institutional quality team will help convince professional and institutional investors to join us.”
The RECan Global Group consists of the German Investment Advisor RECan Global GmbH, RECan Global GP Luxembourg S.à r.l., the General Partner of the Luxembourg-based RECan Canadian Diversified Real Estate Fund SCS, SICAV-RAIF, the Canadian real estate asset management company, PG Asset Management Inc., along with its strategic partner, Partners Global Corporate Real Estate Inc., a leading corporate real estate advisory firm headquartered in Halifax, Canada.
Ian Stanley, RECan Partner and CFO in Halifax: “The RECan management team has over 25 years experience, within the real estate market, in Canada and Germany/Luxembourg. The team members have over 20 years direct experience in investment fund creation and management in the EU and extensive experience in sourcing, asset management, executive and financial management, leasing and the development/re-development process for commercial real estate.”
Todd Bechard, RECan Partner based in Canada and Managing Director in Germany/Luxembourg adds: “The management team has a substantial real estate deal closing and management track record with a total volume of more than $4 billion CAD and more than 10 billion Euros. In addition, the team has completed well over $1 billion CAD in commercial real estate debt financing. The RECan team also has over 20 years experience managing over 2 million square feet of commercial and multi-residential real estate throughout Canada. The team has direct experience, and considerable connections, in all of the major real estate markets in Canada.”
In the EU, the teams previous experience includes many well-known real estate transactions such as the sale and management of GBW Immobilien from Bayerische Landesbank by a consortium of investors led by Patrizia Immobilien AG, the Sale of the Landesbank Baden-Würtemberg residential arm, the takeover of Hessen privatized portfolio from CA-Immo and the privatization of major residential holdings of Munich RE Group and Gerling Insurance Group. The team has real estate transaction experience throughout Europe as well as in China, Korea, Japan or Australia
In Canada, the team members have been actively involved in over $4 billion CAD in real estate transactions, ranging in size from less than $1 million (CAD) to large transactions of more than $1.5 billion CAD. Highlighted transactions include:
- $1.6 billion CAD acquisition (5.66 million square feet) of commercial real estate in Ontario and Quebec;
- $1.14 billion CAD disposition (6.1 million square feet) of commercial real estate throughout Canada;,
- $229 million CAD acquisition (1.19 million square feet) of office properties in Toronto and Montreal; and
- $100 million CAD acquisition of 1.18 million square feet of industrial properties in Toronto.
Highlighted debt transactions include a $260 million CAD mortgage on a commercial property in Quebec with German lender Deka Bank.
The RECan Canadian team has over 70 years of combined experience in all facets of the real estate asset management function, including leasing, property management, financial management, budgeting and reporting, capital projects, development for both individual assets and portfolios of up to $400 million CAD. While based in Halifax, the team members have been actively involved in real estate transactions and asset management throughout Canada, with particular experience in Ontario and Quebec.
The RECan Global Diversified Canadian Real Estate Fund SCS, SICAV-RAIF, along with its two distinctive sub-funds, RECan Canadian Commercial Real Estate Fund I and RECan Canadian Multi-Residential Real Estate Fund I are now fully licensed, active and ready for investments, either directly into the Fund or, alternatively, indirectly through a securitization note at Hauck & Aufhäuser, if required.
For more information on the Fund and the RECan Group please visit www.recanglobal.com and contact us.
RECan Global GmbH
T: +49 89 20 20 55 47