TORONTO, July 15, 2013 /CNW Telbec/ - Fiera Properties Limited ("Fiera Properties"), a joint-venture between Fiera Capital Corporation (TSX: FSZ) and Fiera Properties' management team, today announced the launch of its diversified open-ended property fund, the Fiera Properties CORE Fund (the "Fund"). The Fund is designed to provide pension funds, foundations, endowments, as well as private investors with a modern "open" investment fund design.
"This is a very exciting time for all of us at Fiera Properties as we are launching the largest Canadian open-ended core property fund in more than 20 years, representing $352 million in equity capital from our investors," said Stuart Lazier, Chief Executive Officer of Fiera Properties.
"We are also pleased to announce that we have completed the acquisition of a $160 million portfolio of assets in the Fund comprised of prime retail and industrial properties across Canada," added Mr. Lazier. "The Fund will further diversify its portfolio over the next 12 to 18 months with the planned acquisition of an additional $325 million in core income properties."
The Fund will be managed by Fiera Properties' experienced real estate portfolio management team, and will be targeting office, industrial, retail and apartment core assets to properly diversify the portfolio.
Benefits to Investors
Investors in the Fund will benefit from a core investment strategy that will provide stable and growing income streams combined with careful attention to capital protection, inflation protection, and low volatility in overall return performance. With quarterly openings, the Fund is a long-term investment vehicle that gives investors the flexibility to rebalance their exposure periodically.
"This new open-ended fund represents the CORE of our business plan around which we intend to build other new innovative real estate fund products for our investors. But it is also the continuation of our management team's successful 20 year track record of providing institutions with state-of-the-art products that best serve their changing investment strategies," said Mr. Lazier. "Our goal is to create a new multi-fund real estate fund manager that will provide our investors with solid returns, strong governance and contemporary fund designs."
This document contains forward-looking statements. These statements relate to future events or future performance, and reflect the expectations or beliefs of Fiera Properties' management regarding future events, including business and economic conditions and the growth, results of operations, performance and business prospects and opportunities of Fiera Properties. Such forward-looking statements reflect the current beliefs of Fiera Properties' management and are based on information currently available to such management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target", "intend" or the negative of these terms, or other comparable terminology.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited to, market and general economic conditions, the ability of Fiera Properties to identify and acquire additional properties and the nature of the investment fund industry. These forward-looking statements are made as of the date of this document, and Fiera Properties assumes no obligation to update or revise them to reflect new events or circumstances.
About Fiera Properties Limited
Fiera Properties is a Canadian real estate investment management company that provides opportunities to invest in real property to institutions, foundations and endowments, and high net worth investors. As part of the Fiera Capital family of alternative asset offerings, Fiera Properties is an entrepreneurial organization focused on offering innovative solutions to our clients' investment challenges. Fiera Properties is committed to being the most trusted real estate investment management firm in Canada as recognized by our stakeholders. Building Trust is what we do.
About Fiera Capital Corporation
Fiera Capital Corporation (TSX: FSZ) is a leading publicly traded, independent investment firm with approximately $65 billion in assets under management. The Firm is one of only a handful of full service, multi-product investment firms in Canada, offering clients a proven top tier track record in equity and fixed income management as well as depth and expertise in asset allocation and alternative investments. For more information, visit www.fieracapital.com.
Additional information relating to the Firm, including the Firm's annual information form, is on SEDAR at www.sedar.com.
SOURCE: Fiera Capital Corporation
For further information:
Sr. Vice President and Fund Manager
Mélanie Tardif, CPA, CMA
Director, Corporate Communications and Investor Relations