On April 27, 2020, Fiera Real Estate announced the successful acquisition of a 75% interest in 25 Pickering Place in Ottawa, Ontario (the "Property") on behalf of Fiera Real Estate CORE Fund LP (the "CORE Fund").
The Property, a 155,376-ft2 single-tenant industrial asset on a five-acre site strategically located adjacent to the inter-city VIA train station and Tremblay LRT station, increases the CORE Fund's overall exposure to the stable and growing Ottawa market. The transaction is a joint venture between Fiera Real Estate and Colonnade BridgePort (on behalf of its partners).
The Property is being leased back by Dustbane Products Limited ("Dustbane"). Dustbane specializes in the manufacturing of sustainable cleaning products and equipment, a business that has benefitted from increased demand in the midst of the COVID-19 crisis.
Upon completion of the lease term, the Property will be well positioned for redevelopment and Fiera Real Estate will have the opportunity to build core multi-family residential housing and potentially sell residual land parcels to third-party synergistic developers.
Fiera Real Estate is a global real estate investment management platform serving investors in Canada and the United Kingdom.
Gowling WLG was counsel to Fiera Real Estate in this transaction with a team that included Robert Hull, Darryl Brown and Ed Johnston (corporate/M&A) and Michael Bussmann (tax).