Addition of multi-family residential rental properties provides growth opportunities
January 3, 2023, Vancouver, BC – CREC Commercial Fund has changed its name effective January 1, 2023 and will operate under the new name Concert Income Properties (“CIP”). The name change reflects the diversification of the fund to allow for the inclusion of multi-family residential rental properties into the current asset mix of industrial properties and office spaces.
Since its inception in October 2016, the CREC Commercial Fund has delivered exceptional returns on its portfolio, currently valued at $2.7 billion. With the potential to move into the rental property market, the newly named fund and its investors will aim to benefit from one of the most resilient and sought-after asset classes in Canada.
"This is an exciting moment for us,” said Andrew Tong, Chief Investment Officer, Concert Properties, and Managing Director, Concert Income Properties. “With this broader mandate, we expect the fund to grow and diversify further across Canada. We look forward to continuing to deliver optimal risk adjusted returns for our Canadian pension and institutional investors.”
Concert Properties first diversified over 20 years ago when it expanded its residential-focused portfolio into the commercial property investment market. This diversification brought substantial growth for Concert Properties, and for the pension funds which rely on the company’s investment returns. This most recent change will aim to build on this successful history of diversification and growth.
About Concert Income Properties
This open-ended, limited partnership Canadian fund maximizes long-term value for investors by investing in, and actively managing, industrial and office real estate in Canada, with multi-family residential rental properties now added. Supported by Canadian pension funds and institutional investors, the fund has an asset value in excess of $2.7 billion, and includes nearly 12 million square feet of leasable area. The assets in this high-quality portfolio are managed by Concert Realty Services Ltd.
The fund is affiliated with Concert Properties, a diversified Canadian real estate corporation wholly owned by union and management pension plans representing over 200,000 Canadians. Today, the Concert Properties portfolio includes rentals, condominiums, seniors' active aging communities, industrial, commercial and residential rental properties, and public infrastructure projects across Canada.
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Media Contact:
Andrew Tong
Chief Investment Officer, Concert Properties
Managing Director, Concert Income Properties
Phone: 604.602.3716
Email: ATong@ConcertProperties.com
Erica Richardson
tartanbond
Phone: 403.975.0187
Email: erica.richardson@tartanbond.com