Paul Finkbeiner hasn’t pulled the trigger yet but the head of GWL Realty Advisors, which has more than $16 billion in assets under management, doesn’t rule out moving into the condominium sector.
It may seem incongruous for a company that is a subsidiary of The Great-West Life Assurance Company to be interested in tiny condominiums for investments but managers like Mr. Finkbeiner are eyeing a bigger fish — namely an entire condo building.
“This is a very popular asset class for pension funds. They like apartment buildings,” said Mr. Finkbeiner, noting that depending on local rules those condo towers can be turned into rentals.
Trend may be too strong a word right now but two transactions in Toronto that saw institutional buyers swoop in and make offers to condo developers for entire buildings, squeezing out all the small-time investors, have caught the eye of people in the high-rise…
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