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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 next generation industrial projects. Numerous investors including the Toronto-based Skyline Group contributed to the $100 million initiative, which will be led by one of the province’s leading real estate development teams.
“The exceptional speed with which investors responded to our vision is a testament to the confidence they have in Rosefellow,” 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.
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 square feet 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 square feet, will host almost 900,000 square feet of industrial Class A space with 36 feet 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. These included:
- A 670,000 square foot lot located in Pointe-Claire where construction of a 325,000 square foot facility will begin in June
- A 515,000 square-feet plot in Montreal East where construction of two multi-tenant industrial buildings comprising 138,000 square feet each began in late March.
In all Rosefellow’s holdings will comprise more than 1.5 million square feet 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.
Rosefellow is also in discussion with investors to raise between $125 million and $150 million to finance an additional investment fund, in response to the enthusiasm generated by its first initiative.
One of the first projects to be financed by Rosefellow’s new fund will be located at 2800, André Avenue, in Dorval.
In March, Rosefellow has begun the construction of a 138,000 square foot ultra-modern industrial building in Montreal East.
A similar building will rise at 151, Reverchon St., in Pointe-Claire, starting in June.
ABOUT ROSEFELLOW
Rosefellow was founded by two former competitors in Montreal’s growing real estate industry who later became friends then business partners. The firm has grown into one of the city’s leading development and property management players. Rosefellow designs, builds and manages residential, commercial and industrial properties that constantly push the boundaries of sustainable innovation. Their successes include Le Cent-Onze, a residential rental project located in Ville St-Laurent, which is expected to be delivered in the summer 2022.
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SOURCE:
Rosefellow | rosefellow.com
MEDIA CONTACT:
Philippe Béliveau | philippe@fernandezcom.ca
418 559-0580
