In the fall of 2010, against a backdrop of significant uncertainty in the global economy and financial markets, we created Private Pension Partners (P3) and launched our first limited partnership (the “Growth Fund”) as a ‘blind pool’ – we owned no properties, nor had we targeted any properties for acquisition. In other words, our partners were asked to entrust us to invest their capital in direct real estate in accordance with defined investment objectives, strategies, and principles.
The Growth Fund’s initial acquisitions were existing multi-family apartments that were improved to a higher rental standard leading to meaningful value enhancement. We initially targeted the Winnipeg market, not just because we knew it well, but also due to the relatively stable market fundamentals (i.e. vacancy, absorption, new supply levels, financing availability) relative to other Canadian markets. Due to the attractive returns on new developments, the Growth Fund has evolved from rehabilitating existing buildings to building new and our second real estate limited partnership (the “Core Fund”) focuses on acquiring existing assets for value add repositioning – the next evolution of the P3 story.
Quality Over Quantity – We acquire, reposition and/or develop high quality investment real estate and will be selective in our decisions with a focus on quality as opposed to the number of acquisitions.
Performance Over Pace – We will make sound asset management and operational decisions, even if that means that our partners property portfolios grow more conservatively. We seek strong financial performance of our portfolio over the long term and we will only raise capital through new and existing investors to the extent that we believe that we can prudently invest.
Bottom-up Over Top Down Investment Management – Our search for quality real estate investments begins with the review of the financial results, physical condition, and location of the individual property with secondary regard to industry issues and the overall economy; that is, we consider the property first. Once a property portfolio or individual property is found that meets our acquisition criteria, we then consider how it is expected to compete within the industry and then to the broader economy.
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Real Estate Development and Redevelopment Services
Our real estate development services are focused on designing and delivering either new or improved commercial or multi-family residential buildings managed from the concept stage to stabilized operations. Every effort is made to ensure projects are carefully completed on time, on budget, and meeting projected returns. Our experience in development is built upon our relationships with service providers, industry professionals, co-owners, builders, and sub-trades to exceed our partner’s expectations.
Asset Management Services
P3 utilizes a bottom-up investment approach wherein we are focused on property-level performance to ensure each individual asset is operating at its maximum return potential for its investors. In order to do this we strive to invest capital prudently, increase income, reduce expenses and therefore maximize property values. Our responsibilities include property management and leasing oversight, financing management, debt management, consideration of capital improvement opportunities, maintaining key relationships and oversight of all service providers, and consistent and transparent reporting to investors.