Toronto, May 30, 2013
Colliers Valuation and Advisory Services recently completed an appraisal of 59 properties in the Greater Toronto Area for Pure Industrial Real Estate Trust (PIRET). The appraisals were required to fulfil the acquisition of the 3.7-million-square-foot portfolio from Slate Properties.
Demetri Andros, Managing Director of Colliers Valuation and Advisory Services in Toronto, secured the mandate with PIRET through an existing relationship, and had this to say about the assignment: “Our group has worked with PIRET on numerous appraisals across the country in the past, so I was delighted to take on this assignment, which had considerable scale and was geographically focused primarily in the Greater Toronto Area.”
The acquisition was a result of GE Real Estate selling its office and industrial portfolio to Slate Properties, which in turn sold the industrial portion to PIRET. The majority of the properties in the portfolio are located throughout Vaughan, Brampton, Mississauga and Southwest Ontario, and are concentrated in mature, fully developed industrial parks. The total cost of the acquisition was $358.5 million.
The Colliers valuation team, consisting of Demetri Andros, Rachel Rothery, Vicente Gamboa, Hoa Nguyen, Mehakdeep Dhillon and Euan Darling, was able to complete all 59 full-narrative appraisals in just under one month.
“Completing the appraisal work within such a tight deadline was critical to the success of the acquisition. PIRET was able to quickly obtain financing and meet their due diligence requirements, thanks to our expedited delivery. This is an excellent testament to Colliers International Valuation and Advisory Services’ ability to complete large portfolio assignments within a short time frame,” adds Andros.