A LEADER IN QUEBEC.
ROSEFELLOW. launches Quebec’s first industrial real estate investment fund
Montreal, April 13 2021 – ROSEFELLOW. announced today the launch of Quebec’s first investment fund dedicated to the development of the next generation industrial projects. Ontario-based Skyline Commercial REIT and Quebec-based FIT Ventures partnered with ROSEFELLOW., one of the province’s leading real estate development teams, to lead the $100 million initiative.
“This level of institutional investment reflects a confidence in our vision and is a testament to ROSEFELLOW.’s development leadership,” said Mike Jager, who cofounded the leading Montreal firm with Sam Tsoumas. “It also demonstrates the Quebec industrial real estate sector’s growing vitality and its ability to adapt in response to the rapid growth of online commerce. We are proud to contribute to these developments.”
The new investment vehicle, – which will be known as “RF Limited Partnership I” – will foster the construction of industrial buildings worth more than $500 million dollars during the next seven years.
GROWING DEMAND FOR INDUSTRIAL SPACE.
The COVID-19 pandemic and the resulting explosion in demand for e-commerce services have created the need for more efficient supply chains and larger warehouses.
“Companies are looking for much more spacious premises,” said Tsoumas. “Tenants are currently asking for facilities with about 175,000 sq.ft. of available space on average. That is more than double the area they were asking for five years ago. Current demand is running in the millions of square feet.”
ROSEFELLOW.’s new fund recently acquired land at 6000 Trans-Canada Highway in Pointe Claire and 2800 André Avenue in Dorval. These two large plots, which total nearly 1.8 million sq.ft., will host almost 900,000 sq.ft. of industrial Class A space with 36 ft. high ceilings, which are an essential feature for industrial tenants.
These two projects come in addition to two other large industrial properties that ROSEFELLOW. acquired prior the official launch of the fund.
- A 670,000 sq.ft. lot located in Pointe-Claire where construction of a 325,000 sq.ft. facility will begin in June.
- A 515,000 sq.ft. plot in Montreal East where construction of two multi-tenant industrial buildings comprising 138,000 sq.ft. each began in late March.
In all ROSEFELLOW.’s holdings will comprise more than 1.5 million sq.ft. of industrial space. The company also plans to further drive innovation by constructing industrial buildings that are two stories in height, which are currently a rarity east of Toronto.