Fengate achieves financial close on the acquisition of Concorde Corporate Centre in Toronto

TORONTO, Nov. 17, 2020 /CNW/ - Fengate Asset Management (Fengate) announced today financial close on the acquisition of Concorde Corporate Centre in Toronto. Fengate is managing this acquisition and asset on behalf of the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC).

Concorde Corporate Centre is a Class A office complex, totaling 567,619 square feet and located in a critical and evolving office node at Don Mills and Eglinton in Toronto. Spanning 7.7 acres, the property consists of three office towers, 1 and 3 Concorde Gate (connected) and 12 Concorde Gate, all of which are designated BOMA BEST Gold.

"The Concorde Gate office community is well located along several transit nodes and is complimentary to the 175 Wynford acquisition in Toronto that we made earlier this year," said Jaime McKenna, Managing Director, Group Head of Real Estate, Fengate. "This has been a busy year in real estate for the Fengate team, and we look forward to working with this impressive property with a focus on continued excellence, on behalf of our investors."

"LiUNA is proud of this important investment in the Toronto region, with our pension fund investing in the continued economic growth of our country's largest urban and business centre," said Joseph Mancinelli, LiUNA International Vice President and Regional Manager for Central and Eastern Canada. "Concorde Corporate Centre is a high-profile, high-quality real estate investment for LiUNA that is an excellent addition to our members' pension fund's extensive portfolio."

The location of the complex offers numerous transit options. Upon completion of the Eglinton Crosstown LRT, the property will provide pedestrian access to the downtown core via the LRT's connections to GO Transit and the Toronto Transit Commission. The final stop of the proposed Ontario Line, at the Ontario Science Centre, is located within one kilometre, connecting the node throughout the Greater Toronto Area (GTA). The site also offers convenient pedestrian access to residential neighbourhoods, amenities and ample greenspace, and vehicular access to Highway 401, the Don Valley Parkway, and Gardiner Expressway.

With this purchase, Fengate will assume asset management, property management and development opportunities for the property.

About LiUNA Pension Fund of Central and Eastern Canada
Established in 1972, the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC) is one of the fastest growing multi-employer pension funds across Canada, voted top 10 pension funds by Benefits Canada. With a diverse investment portfolio and $8 Billion in assets LPFCEC has yielded positive returns for the Plan, great work opportunities for LiUNA members, and has created many needed institutions across North America through public-private partnerships and alternatives.

About Fengate Asset Management
Fengate is a leading alternative investment manager focused on real estate, infrastructure and private equity strategies. With offices in Toronto and Oakville, Ontario, and Houston, Texas, Fengate has a proven track record of successful projects and development partnerships, establishing the firm as one of the most active real asset investors and developers in North America. Learn more at fengate.com.

SOURCE Fengate Asset Management

Media contact: Amy Holmes, Vice President, Marketing and Communications, Fengate, [email protected], [phone]