Five years have passed since Concert first announced the launch of its newest investment vehicle, the CREC Commercial Fund LP (“the Fund”). The Fund is an open-ended, limited partnership formed as Concert’s exclusive commercial platform.
Since its inception, the Fund’s performance and returns have been exceptional. In the first five years, the Fund has more than doubled in value with substantial increases in income. The portfolio has grown from an initial 7.5 million sq. ft. to over 11 million sq. ft. today.
The strategy to acquire large, high-quality warehouse distribution facilities in key markets across Canada has remained a consistent priority over the last five years. Some of these key acquisitions include:
One of Concert’s goals is to grow the Fund’s presence in key industrial markets across Canada as a way of servicing and accommodating its growing tenant base.
Integrated operations are also critical to the success of the Fund. Concert’s unique holistic approach in executing on business plans involves having the Asset Manager oversee all key investment duties, including commercial leasing, financing and capital. Having only two clear contacts, namely an asset manager and a property manager, ensures a high level of internal coordination in managing tenant needs.
Since day one, Concert has been committed to continually looking for ways to enhance the customer experience. When the pandemic began in March 2020, Concert’s asset managers and property managers prioritized working closely with all tenants in the portfolio in order to assess and help come up with solutions for the impact of COVID-19 and public health measures on their businesses.
When the federal government offered rental assistance with the newly created CECRA program, Concert offered this program to all of the Fund’s 500+ tenants knowing that doing so required the landlord to forgive a portion of the rent. While only a small portion ultimately qualified for the program, Concert did not know the result at the time the decision was made. Concert was prepared to stand behind its commitment toward every tenant, and these efforts have resulted in enhanced and ongoing tenant loyalty.
With 37 Canadian pension and institutional investors also showing consistent and strong support over the past five years, the Fund is thriving and is well positioned for the future.