CanFirst Capital Management actively pursues industrial and office acquisitions and development opportunities. The focus of the acquisition program is to strategically and opportunistically acquire properties at attractive going-in returns and at a discount to replacement cost. The following are the criteria that form the basis of CanFirst's underwriting objectives:
  • Assets located in key distribution centres and close to major highways and airports
  • Properties that provide critical mass and enhance synergies between assets while generating economies of scale
  • Properties that provide a sustainable stream of cash flow with the ability for future increases
  • Multi-tenant and smaller single-tenant properties with a high degree of functionality
  • Properties that are “free and clear” of existing debt or with attractive existing debt
  • Properties with excess density or surplus land
  • Properties that can be easily reconfigured to appeal to a wide array of potential tenancies
Value enhancement is achieved through:
  • Increasing occupancy of partially tenanted properties to stabilized levels
  • Raising existing rents to market levels
  • Establishing and implementing conservative debt strategies
  • Implementing prudent expense management to reduce operating costs in buildings
  • Managing leasing strategies in order to create optimal lease expiry profiles
  • Undertaking strategic and cost-effective capital improvements
  • Opportunistically selling non-strategic assets to owner/users or third-party investors
  • Creating a cohesive asset base which can achieve a “portfolio premium” through a strategic sale or capital markets exit
Desired Property Types
  • Structures designed for warehousing, distribution or logistics
  • Flex space and light manufacturing facilities
  • Multi-tenant and non-specialized single tenant facilities
  • Properties that can be expanded or redeveloped
  • Surplus land for development
  • Low rise office buildings
Desired Building Features
  • Ample loading docks
  • Sufficient truck turning radius
  • Functional clear heights for building use
  • Ample power and electrical capacity
  • Properties that offer high building functionality and the ability to lease to a wide array of tenants
Desired Locations
  • Greater Toronto Area
  • Cambridge/Kitchener/Waterloo, Ontario
  • Ottawa, Ontario
  • Calgary, Alberta
Preferred Ownership Type
  • 100% fee interest
  • Sale-leasebacks
  • Joint ventures (property management functions are outsourced)
  • Pre-sales
For further information, please contact us