December 17, 2021
CALGARY, Alberta –Avenue Living Asset Management (the “Asset Manager”) and Avenue Living Real Estate Core Trust (the “Core Trust“) is pleased to announce that is has successfully closed on the acquisition of Avenue Living U.S. Real Estate Trust (the “U.S. Trust“). The transaction along with the execution of further pipeline opportunities in Canada and the U.S. brings an additional 1,158 multi-family units into the Core Trust expanding its total unit count to over 12,350 across 21 markets for a total AUM of C$2.4 billion – over a 10% increase since October 2021.
The transactions have been facilitated by the successful execution of its C$60 million Expansion Offering target which will enable an additional C$100 million in purchases in Q1 2022. Given the momentum and demand by investors of the Expansion Offering, the Asset Manager has officially decided to extend the offering by 60 days and increase the offering to C$85 million. The additional capital will facilitate additional identified acquisitions in Canada and the U.S. and will be executed in the first half of 2022. Based on investor demand, additional close dates have been scheduled over the next 60 days in order to accommodate interested parties. Terms and conditions of the expansion offering remain the same.
The completion of this transaction marks the Core Trust’s first acquisition in the United States multi- family market. It is anticipated this transaction will greatly enhance access to capital for the combined entity’s U.S. operations and will provide an established platform for the efficient expansion of the Core Trust’s multi-family real estate consolidation strategy through the North American heartland – establishing what management views to be the first North American alternative real estate fund to specialize in “Workforce Housing”.
“The company has established a tax-efficient, cross-border corporate structure to hold and invest in U.S. real assets, providing our investors with the opportunity to participate passively in the consolidation of multi-family residential real estate in the United States,” says Anthony Giuffre, Avenue Living’s Founder and CEO. “We are proud to have seen the expansion offering filled so swiftly, showcasing strong support from the capital markets for our North American diversified workforce housing strategy.”
Additional Closing Dates:
December 29th, 2021 / January 17th, 2022 / January 31st, 2022 / February 15th, 2022
About Avenue Living Asset Management:
Founded on the principles of Investing in the Everyday, the Avenue Living Group (“Avenue Living“) focuses on opportunities that are often overlooked by others, having grown to over C$3.1 billion in aggregate assets under management across four private real estate investment mandates. The Avenue Living team includes over 700 professionals with expertise in real estate operations and transactions, property management, research, investment origination, and capital markets, as well as a suite of subject matter experts to support Avenue Living’s growing portfolio of multi-family residential, commercial, agricultural land, and self-storage assets. In addition to over 13,000 multi-family units located in Canada and the United States, Avenue Living and its related entities own over 450,000 square feet of commercial space, 48,000 acres of productive farmland, and more than 2,000,000 square feet of self-storage space.
For more information or to book an interview with an ALAM executive, please contact:
Wendy Ell, Director Stakeholder Relations at Avenue Living Group via [email protected]
Learn more about this and other investing opportunities with Avenue Living Asset Management at www.alamstg.wpenginepowered.com.
This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at www.alamstg.wpenginepowered.com for additional information regarding forward-looking statements and certain risks associated with them.
