Acquisition Announcement – A+ REIT Completes Acquisition of Feeder One LP

Aug 5, 2023

WINNIPEG, MB – Private Pension Partners is very pleased to confirm that Apartment Plus Real Estate Investment Trust’s (“A+ REIT”) material $183,000,000 acquisition of Feeder One LP (legally named Private Pension Partners Real Estate Growth Fund Two LP, but referred to throughout as “Feeder One LP”) has officially closed following unanimous support from limited partners of Feeder One LP and A+ REIT independent trustees.

Under the acquisition, A+ REIT will fold-in the development properties held in Feeder One LP into its portfolio of premium and luxury apartments as outlined below:

  1.  The Halo – A 100% interest in 3015-3025 Pembina Highway in Winnipeg, MB which is comprised of 405 rental units and 8,400 SF of street-level commercial space. The property is nearing construction completion and is already 89% leased in Phase I (3015 Pembina Highway) after just five (5) months of active marketing as at the release of this announcement;
  2. The Zü – A 100% interest in 160 Osborne Street and 425/425 Wardlaw Avenue in Winnipeg, MB which is comprised of 206 rental units and 5,200 SF of street-level commercial space. The property is currently 50% complete from a construction perspective as at the release of this announcement and will commence leasing in Q1 2024;
  3. 634 Portage Avenue – A 100% interest in 634 Portage Avenue in Winnipeg, MB being a shovel-ready 0.8-acre premium development site, fully entitled for a 20-storey, 241 unit multi-family property; and
  4. Bridgwater Development – A 50% interest in 355-415 Centre Street in Winnipeg, MB which includes approximately 3.6 acres of development land on two (2) separate lots and 25,300 SF of street front, tactical multi-tenanted commercial properties.

This acquisition drives the growth of the gross asset value of the A+ REIT portfolio by +/- 76% to +/- $530,000,000, the number of apartment units stabilized or under development held by the REIT by 57% from 1,070 to 1,682, and propels an annualized NOI increase of +/- 68% over a three-year forecast period.

ABOUT PRIVATE PENSION PARTNERS

The Private Pension Partners Group of Companies (P3 Group) provides a vertically integrated real estate platform including asset management, development, leasing, property management, and investment services. With more than a decade of sound investment, quality development, and strong management services, the P3 team controls $750 million of total assets,1,700 apartment units under management or development, and 450,000 SF of commercial space either owned by P3 or third-party pension-grade clients.

For more information about A+ REIT and this acquisition, please contact Don White, Chief Executive Officer for A+ REIT.

Don White, CFA, CPA, CGA
Chief Executive Officer
E: Don@privatepensionpartners.com
C: (204) 227-8898

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