CPE News (5.11.2022) – Slate Asset Management has entered into an agreement to acquire Presima Inc. from MLC Asset Management. Financial terms were not disclosed.
The transaction is expected to close by the end of Q2 2022. Stikeman Elliott LLP served as legal advisors to Presima. Slate was advised by McCarthy Tétrault LLP.
With $1.1 billion in assets under management, Montreal based Presima is a specialist asset manager focused on global real estate securities. The firm’s comprehensive offerings in global REITs include concentrated relative strategies, as well as mandates focused on yield and enhanced yield. Presima also manages real assets and listed infrastructure portfolios.
Presima was launched in 1998 as a group within the real estate division of the Caisse de dépôt et placement du Québec (CDPQ). Presima became an independent entity in 2004. In 2010, MLC Asset Management, a business division in the Insignia Financial group of companies, acquired Presima from CDPQ.
Toronto based Slate Asset Management is a global alternative investment platform targeting real assets. Slate’s platform has a range of real estate and infrastructure investment strategies, including opportunistic, value add, core plus and debt investments.
photo credit: Presima
News Release
Slate Asset Management to Acquire Presima, a $1.1-Billion Montreal-Based Specialist Investment Manager Focused on Global Real Estate Securities
May 11, 2022 12:02 PM Eastern Daylight Time
TORONTO–(BUSINESS WIRE)–Slate Asset Management (“Slate”), a global alternative investment platform targeting real assets, today announced an agreement to acquire Presima Inc. (“Presima”), a Montreal-based investment manager with $1.1 billion in assets under management (the “Transaction”). The Transaction will further scale Slate’s investment management business, which it launched in 2018 with the inception of Slate Securities, an investment management platform specializing in real estate investing across the public and private real estate markets.
Presima is a specialist asset manager focused on global real estate securities. The firm’s first investment strategy was launched in 1999 and today offers one of the longest track records of performance in the industry. Over more than two decades, Presima has scaled its homegrown platform to launch a number of global investment solutions aimed at meeting a wide range of client needs. The firm’s comprehensive offerings in global REITs include concentrated relative strategies, as well as mandates focused on yield and enhanced yield. The firm also manages real assets and listed infrastructure portfolios. All of Presima’s strategies include a strong consideration for environmental, social and governance (“ESG”) risk management. The firm was an early pioneer in ESG incorporation and mandates and today has a near decade long track record in sustainable investments.
“We have been extremely impressed with the team at Presima and the sophisticated global offerings, data infrastructure, and client base they have grown out of Montreal over the last twenty years,” said Blair Welch, Founding Partner at Slate. “Our firms share many of the same cultural values and a similar strategic vision for the future, creating a strong sense of alignment and a solid foundation for growth. We look forward to welcoming the Presima team to Slate and working closely together to continue building a leading real estate solution for allocators.”
Fraser McEwen, Partner at Slate Securities, added: “Slate Securities was founded on the principle that real estate opportunities arise in both public and private markets. We have proven that thesis with our performance over the last several years, and we see an exciting opportunity to join with the team at Presima and leverage the impressive infrastructure, technology, and client solutions they have established to continue identifying compelling investment opportunities in the public markets.”
The Transaction will deepen Slate’s presence in North America with a new office in Montreal and add a team of 19 dedicated professionals to Slate’s growing platform.
“Slate’s global reach, experienced leadership and access to resources will enable us to unlock new avenues of growth and maximize the talent and expertise of our team,” said Marc-André Flageole, Interim CEO at Presima. “We are very pleased to be joining the Slate platform and look forward to enhancing our institutional client offerings, to continue to offer customized real estate investment solutions, and to provide our funds to a broader range of clients leveraging Slate’s network and local distribution capability.”
The Transaction is expected to close by the end of the second quarter of 2022, subject to regulatory and other customary closing conditions. Stikeman Elliott LLP served as legal advisors to Presima. Slate was advised by McCarthy Tétrault LLP. Financial terms were not disclosed.
All asset amounts are as at April 30, 2022.
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About Slate Asset Management
Slate Asset Management is a global alternative investment platform targeting real assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform has a range of real estate and infrastructure investment strategies, including opportunistic, value add, core plus and debt investments. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
About Presima
Presima is a specialist asset manager that excels in its niche listed REIT market. As a long-term growth objective for our clients, we aim to achieve great investment results through rigorous real estate focused analysis. We offer one of the longest track records in the industry. We think differently and are not afraid to innovate. Throughout the years, our team has developed many strategies to meet our clients’ evolving needs, including Global REIT absolute and relative strategies, Global REIT Yield and ESG Enhanced Yield Strategies and Global Real Assets and listed infrastructure ESG Strategies. Visit presima.com to learn more.
Forward-Looking Statements
Certain information herein constitutes “forward-looking information” as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of Slate, Presima and the other Transaction parties. Some of the specific forward-looking statements contained herein include, but are not limited to, statements with respect to the intention of Slate, Presima and the other Transaction parties to complete the closing of the Transaction and the related transactions contemplated herein on the terms and conditions described herein, the effect of the Transaction on the financial performance of Slate and the expected timing for completion of the Transaction. The words “plans”, “expects”, “does not expect”, “scheduled”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projects”, “believes”, or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “occur”, “be achieved”, or “continue” and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.
Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, readers are cautioned not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Slate, Presima and the other Transaction parties disclaim any intention or obligation or undertaking to update publicly or revise any forward-looking statements, whether written or oral, whether as a result of new information, future events or otherwise, except as required by applicable law.
Contacts
Slate Asset Management
Investor Relations
ir@slateam.com
Press Inquiries
Karolina Kmiecik
Karolina@slateam.com
Presima
Robin Marcoux
Head of Client Service and Marketing
rmarcoux@presima.com