Toronto-based real estate firm Avison Young has received a major investment from Caisse de dépôt et placement du Québec (CDPQ).
The $250 million preferred equity investment will enable Avison Young to accelerate its strategic growth plan in North America and other key markets globally. This will include acquisitions and the procurement of talent.
"We are gratified by CDPQ's support of our growth strategy, which we launched from a base of 11 offices in Canada and expanded to 84 offices across North America and Europe in just under 10 years – and growing revenue more than 15 times during that period,” says Mark E. Rose, chair and CEO of Avison Young.
The investment from CDPQ will also mean the buy-back of shares from several existing investors including current private equity partner Parallel49 Equity and former principals of Avison Young.
The principals of the firm will once again own 100% of the common shares.
"Our Principal-led, collaborative culture is one of our critical success factors, and this transaction maintains the alignment of interests created by a company owned and managed by its top talent," says Rose.