Harrison Street has held the first close of a new fund that will invest in senior living, student housing, medical office, life sciences, storage and digital assets in Canada. The close gives Harrison Street Canada Alternative Real Estate Fund investing capacity of more than C$550 million. Investors included institutions and Canadian family offices, among them the Hennick Family.
CHICAGO and TORONTO, Aug. 26, 2021 (GLOBE NEWSWIRE) — Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, today announced it is bringing its significant expertise investing in demographic-driven alternative assets to the Canadian market and will pursue investments in senior living, student housing, medical office, life sciences, storage, and digital assets throughout Canada.
Harrison Street Canada Alternative Real Estate Fund recently completed its first closing and, based on committed capital and targeted leverage, anticipates initial capacity to invest over CAD$550 million in stabilized, cash-flow producing assets with up to 35% invested in value-add strategies. The Fund has received capital commitments from accredited investors, including a variety of institutional investors and prominent Canadian family offices, such as the Hennick Family and senior executives of the firm.
Christopher Merrill, Co-Founder, Chairman and CEO at Harrison Street, said, “For more than 15 years, Harrison Street has been a first mover in highly differentiated, demographic driven real estate, first in the United States and then Europe. Now, we are thrilled to bring our deep expertise and track record to the Canadian market. Demographic characteristics in Canada are like those we see in the United States, however, alternative real estate remains underdeveloped compared to the U.S. market. Our expansion into the Canadian market is a natural evolution to our platform and we look forward to identifying attractive investment opportunities for our global investors and partners in the alternative real asset space in Canada.”
Jonathan Turnbull, Managing Director and Head of Canadian Transactions for Harrison Street, added, “Similar to how Harrison Street has built its business in the U.S. and Europe, relationships with best-in-class developers and operators on a local and national level is a critical component to our successful execution in Canada. Accordingly, we have a robust and actionable pipeline of off-market opportunities with multiple partners across our sectors of focus and several investments, closing in the near term, are in partnership with operators who are new to the Harrison Street platform. Additionally, our strategic alignment with Colliers, one of the top global players in commercial real estate will further amplify our reach into the market.”
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with offices in London and Toronto, the firm has more than 195-employees and approximately $36 billion in assets under management and is owned by its senior leadership team in partnership with Colliers International Group Inc, one of the top global players in commercial real estate, creating long-term stability and strong alignment with investors. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last seven consecutive years and was named 2020 Global Alternatives Investor of the Year by PERE. For more information, please visit www.harrisonst.com.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.3 billion ($3.6 billion including affiliates) and $45 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.