Slate Asset Management (Slate), an alternative investment platform targeting real assets, announced it has completed the previously announced acquisition of Presima Inc. (Presima), a Montreal-based asset manager focused on global real estate securities (the Transaction).
What does Presima bring to Slate’s portfolio?
The Transaction, which was first announced in May 2022, has added a total of $1.1 billion in assets to Slate’s investment management business. Presima is a specialist investment manager with a 20-year track record of performance in public market real estate investing.
Over more than two decades, Presima has scaled its homegrown platform – underpinned by a proven investment team – to include a number of 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 and has a decade long track record in environmental, social and governance (ESG) incorporation and mandates.
“The close of this Transaction marks an exciting milestone in the growth of our investment management business and our broader global investment and asset management platform. With the addition of Presima’s experienced team, we are scaling our public market investing capabilities and deepening our expertise to offer investors even more avenues to uncover value in the real estate market,” commented Blair Welch, Founding Partner at Slate.
What does the transaction mean to Slate?
The Transaction scales Slate’s footprint in North America, adding a team of 18 Montreal-based investment professionals to Slate’s platform, and positions Slate as one of the only firms in Canada to offer real estate investment solutions across public and private markets.
“We have a fundamental belief that there is compelling investment opportunity in both private and public real estate – particularly given the disconnect between public and private valuations we are seeing in the real estate market today – and to uncover that opportunity requires deep knowledge of global real estate and capital markets,” said Erik Dmytruk, Managing Director and Portfolio Manager at Slate Securities commenting on the deal.
“Our team’s knowledge of private real estate markets coupled with Presima’s proven public market expertise positions Slate to capture a broader range of investment opportunities and provide a more comprehensive set of solutions for capital allocators globally.”
“Over the last 20 years, Presima and the global REIT market, have evolved. The quality of REIT properties has improved, while an expansion of the number of REIT sectors allows for more opportunity for real estate investors,” said Marc-André Flageole, Interim CEO, Presima.
“Today, we are thrilled for our next evolution, leveraging Presima’s decades of public market knowledge and expertise to seamlessly integrate and build on the quality, breadth and depth of Slate’s investment management business while continuing to find value for investors.”
The Transaction closed on June 10, 2022. 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.