Real estate services firm Avison Young, has announced that it has acquired Edmonton, AB-based Veritas Management Services Inc.
Founded in 2009 by Tarek Merhej, Veritas is a commercial real estate management company specializing in property management, acquisition due diligence and consulting.
Effective immediately, Veritas is rebranded as Avison Young and nine new members join the firm. Merhej becomes a Principal of Avison Young and according to the firm, will play a leading role in managing the company’s day-to-day property management operations in Edmonton and expanding the company’s property management services throughout Northern Alberta. He will also collaborate with the firm’s other property management leaders on projects across the province.
Financial terms of the acquisition were not disclosed. Merhej brings 11 years of commercial property management experience to Avison Young, most recently as President of Veritas.
The purchase further expands Avison Young’s property management business-line coverage in Alberta. As a result of the acquisition, Avison Young adds 65 office, retail, industrial and multi-family properties totaling more than 2 million square feet (msf) under management. The addition of Veritas’ property management portfolio brings Avison Young’s total square footage under management to more than 4.5 msf in Alberta and to more than 18 msf in Canada. Avison Young has more than 110 msf of retail, industrial and office properties under management in North America.
Also joining Avison Young from Veritas are: Nova Rocha, general manager; Louise Leclerc, property accountant; Katarina Bednarcuk, property accountant; Tyler Rudyk, property accountant; Larson Smith, business analyst; Linda Fordham, executive assistant; Gannat Rakha, service co-ordinator; and Mark Royer, building operations manager.
Over the past nine years, Veritas has represented private and institutional investors, developers and asset managers in a variety of existing properties and projects under development. Past and current clients include: Landrex, LEDR Developments, BrenAlen Enterprises and Stratosphere Capital. Notable properties under property management include: Summit Centre in St. Albert, AB; Summit Plaza in St. Albert; McIntyre Centre in Edmonton; Broadmoor Business Centre in Sherwood Park, AB; and Windermere Plaza in Edmonton.
Today’s announcement follows Avison Young’s announcement on July 16, 2018 that Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s leading institutional fund managers, has made a C$250-million preferred equity investment to accelerate Avison Young’s strategic growth plan. Avison Young made its first investment under its strategic partnership with CDPQ by acquiring leading U.K. firm Wilkinson Williams LLP and opening a new office in London’s West End on August 1, 2018. On October 10, 2018, Avison Young opened its first office in Asia, in Seoul, South Korea, with 63 members joining from Mate Plus Advisors Co. Ltd.