TORONTO, April 23, 2015 /CNW/ - Forum Equity Partners ("Forum") announces the recent closing of its acquisition of Brookfield Infrastructure Partners L.P.'s ("Brookfield") interests in the Surrey Pretrial Services Centre Expansion and the Quinte Consolidated Courthouse Projects.
As part of the transaction, Forum also acquires the asset management rights to each Project. The Projects have a capital cost of approximately $200 million which will be added to Forum's existing portfolio of assets under management.
"These acquisitions represent a strategic opportunity to grow our Canadian public-private partnership portfolio and expand our relationships with key government clients. Brookfield has been a tremendous joint-venture partner on the Surrey Pretrial Project, and we look forward to working in partnership with Morguard on the Quinte Consolidated Courthouse Project," said Richard Abboud, Founder and CEO of Forum.
Located in Surrey, British Columbia, the Surrey Pretrial Services Centre Expansion Project is a 139,930-square foot correctional facility that connects with an existing pretrial centre, making it the largest correctional facility in BC. The state-of-the-art Project is designed and built to achieve LEED® Gold certification; it houses 216 high-security inmate cells and features renovations to the existing 149-cell pretrial centre.
The Quinte Consolidated Courthouse, located in downtown Belleville, Ontario, is a 171,446-square foot, six-storey complex that promises to rejuvenate the city's newly defined courthouse district. The Project achieved LEED® Gold standard and includes ten courtrooms, one motions room, and five conference suites, as well as parking that will accommodate up to 275 vehicles. Morguard is a joint-venture partner on the Project.
About Forum Equity Partners
Forum is a leading Canadian infrastructure, renewable energy, and real estate development and investment firm, specializing in Public Private Partnerships and other development opportunities involving the public sector. With offices in Toronto and Vancouver, Forum has developed, acquired, sold, or obtained committed financing, for in excess of $3.0 billion of PPP projects and other related developments. Forum currently has approximately $800 million of assets under management.
SOURCE Forum Equity Partners
For further information: Media Contact: Rupesh Amin, Managing Partner, [email protected]