Montreal-based Fiera Properties Ltd. has made three appointments to its team and launched a new real estate fund focusing on the Greater Toronto Area (GTA).
The firm, which specializes in real estate investment management and is an affiliate of Montreal-based Fiera Capital Corp., has named Peter Cuthbert to the role of chief operating officer. Cuthbert is currently co-manager of Fiera Properties CORE Fund, the firm’s flagship fund, and will continue in that role in addition to his new executive position, according to an announcement released on Tuesday.
Blair McCreadie has joined Fiera Properties as senior vice president and fund manager, and his responsibilities will include co-management of Fiera Properties CORE Fund. McCreadie has more than 25 years of experience in the real estate investment industry, which includes time as head of Canadian real estate at Standard Life Investments Inc. prior to its acquisition by Toronto-based Manulife Financial Corp. in 2015.
Fiera Properties has also announced that William Secnik has joined the firm in the role of vice president of investments, which will have him sourcing and executing transactions for the firm’s investment funds. Secnik has been in the real estate investment industry for more than 20 years with time spent at Standard Life Investments and Toronto-based First Capital Realty Inc.
In addition to an expanded team, Fiera Properties is adding another fund to its lineup. Fiera Properties GTA Opportunity Fund will invest equity in “well-located, value-add projects and development projects through a joint-venture partnership strategy,” states the firm’s announcement.
The new fund has committed capital of $55 million after its first closing in July and is currently raising additional investor capital for a second closing, which is scheduled for later this year.
“Toronto’s strong population growth, low vacancy rates and its position as a world-class city make it an ideal real estate market for both value enhancement and capital appreciation,” says Stuart Lazier, CEO of Fiera Properties, in a statement. “In the current low interest rate environment, the search for higher returns has made real estate investment even more essential in clients’ portfolios.”
Fiera Properties has $1.7 billion in assets under management as of June 30 and is comprised of Fiera Properties CORE Fund, Fiera Properties GTA Opportunity Fund and its segregated accounts, which are managed for various pension plans and institutions.
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