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May 12, 2022

Slate Asset Management to buy $1.1bn specialist investment manager

Canada-based Slate Asset Management has signed a deal to buy Montreal-based specialist investment management firm Presima .

The deal, whose financial terms were not disclosed, will further bolster Slate’s investment management business.

Presima is a specialist asset manager focused on global real estate securities. Having launched its first investment strategy in 1999, the firm’s strategies are said to have a strong focus on environmental, social and governance (ESG) risk management.

The firm currently provides a number of global investment solutions via its homegrown platform. Its offerings in global REITs cover mandates focused on yield and enhanced yield as well as concentrated relative strategies.

Slate founding partner Blair Welch said: “We have been extremely impressed with the team at Presima and the sophisticated global offerings, data infrastructure, and client base they have grown out of Montreal over the last twenty years.

“Our firms share many of the same cultural values and a similar strategic vision for the future, creating a strong sense of alignment and a solid foundation for growth. We look forward to welcoming the Presima team to Slate and working closely together to continue building a leading real estate solution for allocators.”

Following the acquisition, Slate will expand its presence in North America with a new office in Montreal and the addition of 19 employees to its platform.

Presima interim CEO Marc-André Flageole said: “We are very pleased to be joining the Slate platform and look forward to enhancing our institutional client offerings, to continue to offer customized real estate investment solutions, and to provide our funds to a broader range of clients leveraging Slate’s network and local distribution capability.”

The transaction is expected to close by the end of the second quarter of 2022, subject to regulatory approvals.

Last year, Slate Asset Management bought Annaly Capital Management’s Commercial Real Estate Business in a $2.33bn deal.

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