Slate Asset Management Completes Acquisition of Presima, a $1.1-Billion Montreal-Based Specialist Investment Manager Focused on Global Real Estate Securities
Tuesday, June 14, 2022
Slate Asset Management (“Slate”), a global alternative investment platform targeting real assets, today announced it has completed the previously announced acquisition of Presima Inc. (“Presima”), a Montreal-based asset manager focused on global real estate securities (the “Transaction”).
The Transaction, which was first announced in May 2022, has added a total of $1.1 billion in assets to Slate’s investment management business.
Presima is a specialist investment manager with a 20-year track record of performance in public market real estate investing. Over more than two decades, Presima has scaled its homegrown platform – underpinned by a proven investment team – to include a number of global investment solutions aimed at meeting a wide range of client needs. The firm’s comprehensive offerings in global REITs include concentrated relative strategies, as well as mandates focused on yield and enhanced yield. The firm also manages real assets and listed infrastructure portfolios and has a near decade long track record in environmental, social and governance (“ESG”) incorporation and mandates.
“The close of this Transaction marks an exciting milestone in the growth of our investment management business and our broader global investment and asset management platform,” said Blair Welch, Founding Partner at Slate. “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.”
The Transaction scales Slate’s footprint in North America, adding a team of 18 Montreal-based investment professionals to Slate’s platform, and positions Slate as one of the only firms in Canada to offer global real estate investment solutions across both the public and private markets.
“We have a fundamental belief that 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,” said Erik Dmytruk, Managing Director and Portfolio Manager at Slate Securities. “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 and provide a more comprehensive set of solutions for capital allocators globally.”
“Over the last 20 years, Presima – and the global REIT market – have significantly evolved. 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,” said Marc-André Flageole, Interim CEO at Presima. “Today, 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 while continuing to find value for investors.”
The Transaction closed on June 10, 2022. Stikeman Elliott LLP served as legal advisors to Presima. Slate was advised by McCarthy Tétrault LLP. Financial terms were not disclosed.
All asset amounts are as at April 30, 2022.
About Slate Asset Management
Slate Asset Management is a global alternative investment platform targeting real assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform has a range of real estate and infrastructure investment strategies, including opportunistic, value add, core plus and debt investments. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
Presima is a specialist asset manager that excels in its niche listed REIT market, wholly owned by Slate Asset Management. As a long-term growth objective for our clients, we aim to achieve great investment results through rigorous real estate focused analysis. We offer one of the longest track records in the industry. We think differently and are not afraid to innovate. Throughout the years, our team has developed many strategies to meet our clients’ evolving needs, including Global REIT absolute and relative strategies, Global REIT Yield and ESG Enhanced Yield Strategies and Global Real Assets and listed infrastructure ESG Strategies. Visit presima.com to learn more.
Certain information herein constitutes “forward-looking information” as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of Slate, Presima and the other Transaction parties. Some of the specific forward-looking statements contained herein include, but are not limited to, statements with respect to the effect of the Transaction on the financial performance of Slate. The words “plans”, “expects”, “does not expect”, “scheduled”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projects”, “believes”, or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “occur”, “be achieved”, or “continue” and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.
Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, readers are cautioned not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Slate, Presima and the other Transaction parties disclaim any intention or obligation or undertaking to update publicly or revise any forward-looking statements, whether written or oral, whether as a result of new information, future events or otherwise, except as required by applicable law.
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