Ewing Morris to Form Direct Real Estate Joint Venture with Patoma Inc.
TORONTO, Sept. 3, 2021 /CNW/ - Ewing Morris & Co. Investment Partners Ltd., through an affiliate ("Ewing Morris") and Patoma Inc. ("Patoma") today announce a joint-venture ("Patoma-EM") to invest directly in niche, multi-family real-estate opportunities in greater New York City. Both Ewing Morris and Patoma will continue to operate their respective businesses independently, while partnering to leverage their particular strengths. Ewing Morris and Patoma both employ a non-conventional approach to investing in the areas of public equities, credit and niche real estate. Together with related entities, they manage ~C$560mm1 of combined assets across a suite of alternative investment strategies.
Patoma co-founders Paul Henry and Tom Finnican will operate the newly formed entity with David Blue serving as Chief Investment Officer. Ewing Morris partners Will Jones will join the Board of Directors, Darcy Morris will join the investment committee and Breann Kirincich will serve as Corporate-Secretary of Patoma-EM.
Darcy Morris, Co-Founder and CEO of Ewing Morris shared "As we continue to grow Ewing Morris strategically, we are delighted to be partnering with Patoma and its co-founders Paul and Tom who, over the past decade, have built a unique real estate franchise in metro New York City. This joint venture enables us to broaden our suite of client solutions to include a real estate platform that has a value-driven, contrarian investment style, consistent with Ewing Morris' founding investment philosophy."
Paul Henry, Co-Founder of Patoma remarked "We are excited for the opportunity to partner with Ewing Morris. Our firms share a culture that emphasizes entrepreneurialism, investment excellence and integrity. Tom and I are excited about the combination of support and independence."
Concurrent with the establishment of Patoma-EM, we are pleased to announce an initial closing of the Ewing Morris-Patoma LP (the "Fund"). Ewing Morris raised ~C$20mm to employ a value-add strategy of acquiring underperforming buildings in Brooklyn and Queens, NYC, and conducting substantial rehabilitations to create 'free market' buildings as well as ground-up development.
Ewing Morris and Patoma principals anchored the Fund, representing 10% of the total outstanding units with Fund units being offered on a strictly private basis.
ABOUT EWING MORRIS:
Ewing Morris & Co. Investment Partners Ltd. is a value driven Canadian investment firm established in September 2011 by John Ewing and Darcy Morris. Our aim is to achieve preservation and growth of capital for our Limited Partners by focusing on inefficient markets. We do this by relying on fundamental analysis, high conviction and the use of flexible capital. We manage strategies with a focus on small and mid-cap companies. We manage investments for individuals as well as charitable organizations, institutions and corporations.
ABOUT PATOMA:
Patoma is a Brooklyn-based multifamily / mixed-use real estate developer and owner established in 2006 by Paul Henry and Tom Finnican. We specialize in developing purpose-built housing for New Yorkers in neighborhoods well-served by public transit and cultural amenities. Focused on opportunities and demographics that have been overlooked by the traditional real estate industry, our goal is to deliver long-term value to our investors while providing a high-quality rental experience for our tenants.
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1 As at August 31, 2021 |
SOURCE Ewing Morris & Co. Investment Partners Ltd.
MEDIA CONTACT: [email protected], Tel: 416-640-2793; www.ewingmorris.com
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