Slate Asset Management, a real estate management firm based in Toronto, plans to acquire Presima, a Montreal-based investment manager with C$1.1 billion ($855 million) in assets under management as of April 30.
Presima specializes in global real estate securities, Slate said in a news release Wednesday.
Financial terms of the deal were not disclosed.
The proposed transaction, which is expected to close by the end of the second quarter, will "further scale Slate's investment management business, which it launched in 2018 with the inception of Slate Securities, an investment management platform specializing in real estate investing across the public and private real estate markets," the news release said.
Presima's offerings in global real estate investment trusts include "concentrated relative strategies, as well as mandates focused on yield and enhanced yield," Slate said in the release, adding that Presima "also manages real assets and listed infrastructure portfolios."
The deal will "deepen" Slate's presence in North America with a new office in Montreal and also add a team of 19 professionals to Slate's platform, the release said.
"We have been extremely impressed with the team at Presima and the sophisticated global offerings, data infrastructure, and client base they have grown out of Montreal over the last 20 years," said Blair Welch, founding partner at Slate Asset Management, in the release.
Slate has more than C$11 billion in assets under management.