Toronto-based real estate investment firm GWL Realty Advisors has announced further expansion of its US operations.
GWL’s subsidiary in the US will acquire Guggenheim Real Estate LLC, the real estate private equity platform of Guggenheim Investments. The platform manages gross assets of U$1.8 billion through fund vehicles investing in the multi-family, office, industrial, retail, self-storage and seniors housing sectors as well as public REIT investments.
On completion of the deal, GWL will combine Guggenheim Real Estate with EverWest Real Estate Investors, which it acquired in February. The combined entity will have gross assets of $3.6 billion.
The combined firm will be led by EverWest president Rick Stone while GRE Managing Principal, Joseph Mahoney, and members of his leadership team will join EverWest and will continue to oversee the management of the acquired real estate funds.
Upon closing, GWLRA will have C$17.3B in gross assets and C$10.6B in gross value in core open-end real estate funds in Canada and the United States.
The transaction is expected to close in the fourth quarter of 2018 and is subject to customary regulatory approvals and certain closing conditions.