Crown Realty Partners has acquired a 158,000sqft office asset on behalf its fifth value-add real estate fund.

The Canadian real estate fund manager has invested an unspecified amount on behalf of CR V to buy Sheridan Exchange, a two-building complex located at 2655 and 2695 North Sheridan Way in south Mississauga.

Scott Watson, managing partner of acquisitions and leasing at Crown Realty Partners, said: “These assets have had a long history of success with excellent tenants in place, we are excited to add to our office portfolio of 2.5m sqft in Mississauga. Our capital upgrade programme will ensure they remain top-of-market assets for the long-term future.”

Emily Hanna, managing partner of investments at Crown Realty Partners, said the deal is the fourth acquisition for CR V LP.

Hanna added: “Our fifth fund is our largest one to date with $260m of capital committed from institutional investors, and Crown continues to seek commercial real estate investment opportunities that align with Crown’s value-add investment thesis.”

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