As reported by Garry Marr for the Financial Post
, bcIMC will utilize the $18 billion in real estate assets under its management and form QuadReal Property Group, which would be managed by its own board of directors.
Jumping into the fray with a war chest of assets totaling $123 billion, QuadReal will aim to expand across Canada and even overseas. Projections are optimistic in the short and medium term, with assets expected to grow to around $150 billion and real estate allocation to increase 18 per cent in the next four years.
“We expect there will be assets for which we compete and opportunities for tenants which we compete,” co-president Remco Daal said. “It’s all fair game.”
QuadReal emphasized that its asset classes would be market driven and not reliant on a few property types.
“The domestic portfolio is of a quality that we can’t replicate. The income stream is solid, solid and that’s ultimately what our clients want,” Daal stated.
The project has been in the works since last year, with the bcIMC conducting an in-house study of the internalization.
A new private company funded by the British Columbia Investment Management Corp. (bcIMC) is set to test its mettle against Canada’s highly competitive commercial real estate sector, the industry giant announced on June 1.