Boardwalk REIT and DGAM Canadian Private Real Estate Fund Announce Strategic Partnership to Expand Multifamily Portfolio in Western Canada
Boardwalk Real Estate Investment Trust (TSX: BEI.UN) has formed a strategic co-ownership with the DGAM Canadian Private Real Estate Fund, managed by Desjardins Global Asset Management. The partnership aims to expand their multifamily real estate platform across major markets in Western Canada, starting with an initial portfolio valued at approximately $292 million ($173 million net of existing mortgages). This marks a significant step for Boardwalk's capital strategy and provides access to long-term institutional investment while maintaining operational control. The co-ownership includes four apartment communities located in Calgary and Victoria. DGAM Real Estate Fund will acquire a 50% interest in the portfolio, paying approximately $146 million ($86.5 million net of mortgages). The initial properties are valued at around $446,000 per suite with an occupancy rate of 96.9%. Boardwalk retains its management role and earns fees based on a percentage of effective gross income. The partnership is designed to be scalable through future acquisitions in Western Canada's multifamily sector while maintaining flexibility for both parties.
Topics: capital allocation multifamily real estate strategic partnership