Harrison Street Brings Alternative Investment Expertise to Canada

Rhea-AI Summary

Colliers has launched the Harrison Street Canada Alternative Real Estate Fund, achieving its first closing with over CAD$550 million for investments in senior living, student housing, and more. This fund aims to leverage demographic trends in Canada, reflecting similar patterns seen in the U.S. and Europe, where alternative real estate is underdeveloped. The firm plans to introduce innovative investment strategies, supported by partnerships with local developers and operators, enhancing its market presence in Canada.

Positive

• Fund has over CAD$550 million in committed capital for alternative real estate investments.
• Strong backing from institutional investors and prominent family offices.
• Focus on underdeveloped markets in Canada presents growth opportunities.
• Partnership with Colliers enhances market reach and local expertise.

Negative

• None.

First closing of dedicated Canadian fund provides investing capacity of more than CAD$550 million for investments in senior living, student housing, medical office, life sciences, storage, and digital assets

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.

About Colliers

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.

Media contacts:

Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
(212) 257-4170

Andrea Cheung
Global Manager, Communications
Colliers
andrea.cheung@colliers.com
416-324-6402

This information is not intended to be an offer or solicitation to buy or sell securities. Any such offer or solicitation will be made only by means of the Confidential Offering Memorandum relating to the Fund. Access to information about the Fund is limited to investors who qualify as “accredited investors” in the applicable Canadian jurisdiction, pursuant to other prospectus exemptions, or internationally, pursuant to local laws.

Forward-Looking Statements

In addition to historical information, this press release contains financial projections and other forward-looking statements that involve risk and uncertainty. These statements are based on current expectations, estimates, projections and assumptions made by management. Sentences or phrases that use words such as "expects", "believes", "anticipates", "hopes", "plans", "may", "can", "will", "projects," and others, are often used to indicate forward-looking statements, but their absence does not mean a statement is not forward-looking. By their very nature, such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Many of these uncertainties and risks are difficult to predict and beyond Harrison Street’s control. Forward-looking statements are not a guarantee of future performance, results or events. Harrison Street assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. 

FAQ

What is the total investment capacity of the Harrison Street Canada Alternative Real Estate Fund?

The fund has a total investment capacity of over CAD$550 million.

Which sectors will the Harrison Street Canada Fund invest in?

The fund will invest in senior living, student housing, medical office, life sciences, storage, and digital assets.

Who are the primary investors in the Canadian fund?

The fund has received capital commitments from accredited investors, including institutional investors and prominent Canadian family offices.

What is Colliers' role in the Harrison Street Canada Alternative Real Estate Fund?

Colliers serves as a strategic partner, amplifying market reach and providing local real estate expertise.

When was the first closing of the Harrison Street Canada Fund announced?

The first closing was announced on August 26, 2021.