Swiss based Triatlum and Propreal enter Canadian Market in a CAD 110mn Co-Investment with Groupe Mach

GENEVA, 9th February 2023Collaboration between two of Switzerland’s leading boutique investment houses has seen a major transaction concluded in North America.

The recipient Fund, managed by real estate investment manager Propreal Capital Partners and funded through multi-asset advisory firm Triatlum Advisors, has secured with local Canadian co-investor Groupe Mach, two prime office buildings in Ottawa, Ontario and Gatineau, Quebec. The combined value amounts to an CAD 110 million (EUR 85 million) investment. The closed-end PCP RE Fund I has recently, through the Propreal / Triatlum dynamic, raised EUR 150 million from investors. It targets prime and value-add investments across office, hospitality, logistics and retail sectors worldwide.

Cédric Vivien, Head of Investment and Portfolio Management at Propreal Capital Partners, said: “Our first collaborative investments in Canada were targeted within Ontario and Quebec because the economies of these provinces have proved relatively resilient through the Covid pandemic relative to Canada as a whole, underpinning their prime office markets. Further resilience lies in the profile of the tenants, who are mainly federal government agencies. We see strong value-add potential through active asset management of these assets in repositioning vacant space and lease-up programs in the near future.”

The asset in Ottawa is a refurbished fifteen-story, 200,000 sq ft office property located on Queen Street in the downtown area of the federal capital. The building is let to multiple tenants. Approximately 50% are government linked, including the Department of National Defence and Canada Border Services Agency. It has a vacancy level of around 20%. The second asset is positioned within the city of Gatineau, on the cusp of the National Capital Region, within the neighbouring province of Quebec. It is a tenstory, 320,000 sq ft, office building on Boulevard de la Cité, fully leased to Library and Archives Canada under a long-term lease agreement. Both investments for the PCP European RE Fund I are BOMA BEST Silver-certified through Canada’s largest environmental assessment and certification program for existing buildings.

About Propreal Capital Partners

Propreal is an independent real estate investor and asset manager founded in 2012, with a €1.3 billion portfolio of mixed-use properties, hotels, retail and residential focused projects. The company is focused on unlocking property value in markets such as Germany, Switzerland, Spain, France, Italy, the United Kingdom, and Canada; targeting urban properties that are identified for their untapped potential.

About Triatlum Advisors

Triatlum is a FINMA regulated investment management and advisory firm specializing in bespoke multi-asset based strategies. It currently advises global investors with a combined multi-billion dollar net worth. Its services include asset & liability advisory, financing advisory, board representation as well as cross jurisdictional guidance on family governance, succession planning and philanthropy.