Deal represents McCOR's inaugural national mandate and single largest new account comprising 2.5-million square feet of real estate in three provinces and one territory
TORONTO, Dec. 10, 2014 /CNW/ - Founders of the newly formed McCOR Management (McCOR) have announced that the company will be taking on property management for Slate Asset Management LP's (Slate) recently acquired properties in western Canada. McCOR (formerly NewWest Enterprise Property Group and High Peak Group of Companies) is one of Canada's largest privately owned development and property management firms with over $3-billion in assets under third-party management.
This monumental deal arose after Slate Capital Corporation's (affiliate of Slate) recent acquisition of all outstanding Huntingdon Capital Corp (Huntington) shares. Slate also assumed the management of FAM Real Estate Investment Trust (FAM REIT). All Huntington shares were delisted from TSX on November 7, 2014.
Along with its roster of other multi-provincial clients, co-founders Doug McDonald and Luc Corneli will lead the McCOR team in managing Slate's assets. The portfolio includes a mix of retail, industrial, and office properties.
"We chose a company with a proven track record that could compete at a national level and offer a hands-on approach," said Brady Welch, partner and co-founder, Slate. "We trust McCOR Management and its team of experts to provide property management services for the assets," added Blair Welch, partner and co-founder, Slate.
While it is in line with Slate's business model to retain external property management companies, Huntington self-managed its properties. As such, McCOR has offered and concluded 32 continuous employment agreements with former Huntington employees to ensure a seamless transition for employees, tenants, and clients.
"Luc and I are honoured to have the opportunity to offer our repositioning expertise and management experience to Slate as well as the ability to offer Huntington's employees a new home," said Doug McDonald, principal and co-founder, McCOR. "Our services build value into every project and we're looking forward to achieving Slate and McCOR's long-term objectives across Canada."
McCOR Management, formed in 2014 by the union of High Peak Group of Companies and NewWest Enterprise Property Group, is one of Canada's largest privately owned real estate development and property management firms with over $3-billion of assets under third-party management. With eight offices across Canada, McCOR's hands-on, boutique approach offers the national reach needed to best serve leading investors and occupiers while retaining the on-the-ground expertise required to accommodate and build value with local, regional, and sole proprietorships competitively.
Image with caption: "McCOR Management (CNW Group/McCOR Management)". Image available at: http://photos.newswire.ca/images/download/20141210_C1512_PHOTO_EN_9307.jpg
SOURCE: McCOR Management
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