Northam secures fresh commitments from German institutionals
GLOBAL – The Canadian real estate investment manager Northam Realty Advisors has secured CAD80m (€52m) of fresh investments from two German institutional investors for the second closing of its Northam Canadian Commercial Property Fund II.
The new investments made by the two German investors bring the total size of the fund to CAD180m.
Northam Realty Advisors, which reached a first closing for its fund in July last year, targets a total equity size of CAD400m-500m.
The fund, which is regulated by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg, is targeting European institutional investors seeking exposure to Canada's commercial real estate markets.
The investment strategy of the fund is focused on properties in the office, logistics and high-street retail sectors.
Patrick Handreke, chief executive and president of Northam Realty Advisors, pointed out that Canada was only one of three countries enjoying a AAA rating from all three major rating agencies.
"Its rating is founded on the strength of its institutions and legal framework, supported by effective political measures, as well as macroeconomic and social stability," he added.
Alexander Breddermann, vice-president of fund management, added that, in order to deliver consistent long-term value and stable distributions to investors, Northam would adhere "strictly" to an investment strategy focused on portfolio diversification, tenant services and long-term marketability criteria.