Alternative real asset firm brings expertise in demographic-driven investments in senior living, student housing, and more
One of the world’s leading investment managers focused exclusively on alternative real assets has just made its Canadian debut.
Harrison Street has completed the first closing of the Harrison Street Alternative Real Estate Fund. With significant expertise in demographic-driven alternative assets, the firm said it will pursue investments in specialized real assets such as senior living, student housing, medical office, life sciences, storage, and digital assets throughout Canada.
“For more than 15 years, Harrison Street has been a first mover in highly differentiated, demographic driven real estate, first in the United States and then Europe,” said Harrison Street co-founder, Chairman, and CEO Christopher Merrill. “Now, we are thrilled to bring our deep expertise and track record to the Canadian market.”
Based on fund’s targeted leverage and initial committed capital received from accredited investors, including institutional investors and prominent Canadian family officers, the firm said it expects initial capacity to invest more than $550 million in stabilized cash-flow producing assets with up to 35% invested in value-add strategies.
“Demographic characteristics in Canada are like those we see in the United States,” Merrill said. “However, alternative real estate remains underdeveloped compared to the U.S. market.”
Jonathan Turnbull, managing director and head of Canadian Transactions for Harrison Street, said the firm’s successful execution in Canada hinges on relationships with best-in-class developers and operators, both local and national. He highlighted its strategic alignment with Colliers, one of the world’s top players in commercial real estate.
“[W]e have a robust and actionable pipeline of off-market opportunities with multiple partners across our sectors of focus and several investments, closing in the near term, are in partnership with operators who are new to the Harrison Street platform,” Turnbull said.