A Toronto-based real estate firm with a growing portfolio in Ottawa has launched a new fund with the aim of expanding its footprint in both Ontario markets.
Crown Realty Partners said this week the fund has closed its first round of financing with more than $140 million worth of commitments from institutional investors and family offices. The company said the fund expects to complete its final closing later this year.
The firm said its latest fund will focus on commercial real estate assets in Canada’s “primary office markets,” particularly the Greater Toronto Area and the National Capital Region.
Acknowledging the “disruption and hardship the pandemic is causing for businesses and their employees,” Crown Realty managing partner Les Miller said in a statement he is “confident” the company’s investments will pay off in the long term.
Founded in 2001, Crown Realty now manages more than $2 billion worth of property across Canada.
The company has made a couple of significant investments in the Ottawa market in the past two years as it expands its presence beyond the GTA.
In the summer of 2019, Crown Realty bought a trio of prime Class-A properties in the Carling Executive Park in a deal worth $56.5 million. It added to its growing portfolio last spring with the purchase of more than 400,000 square feet of office space in the south and east ends of the city.