BGO has closed a $247-million capital raise for its inaugural Canadian value-add real estate fund.

The fund marks the firm’s first value-add strategy in Canada.

Named the BentallGreenOak Canadian Value-Add LP, the fund targets higher-return real estate opportunities in the country’s largest, growth-oriented markets.

All capital commitments—including co-investment capital—came from nine domestic institutional investors, including financial institutions, insurers, and corporate and university pension plans.

“Our Canadian value-add strategy offers a differentiated investment strategy that reflects BGO’s deep roots and long-standing commitment to the Canadian real estate market,” said Christina Iacoucci, BGO’s head of Canada. “This strategy is purpose-built for institutional investors seeking the next wave of value creation in key growth corridors across the country.”

The strategy currently includes four investments across multi-residential and industrial assets in Vancouver, Greater Toronto and Hamilton, and Montreal.

“The Canadian value-add strategy benefits from a data-driven strategy, our extensive local networks, and a relentless focus on proactive management—all hallmarks of BGO’s approach in markets where we have deep experience and institutional-grade asset management capabilities,” said Chetan Baweja, a BGO managing director and head of the firm’s Canadian value-add and separately managed accounts platform.

The fully integrated strategy draws on in-house research, property management, leasing, and development expertise, and most of its transactions to date were sourced off-market. The initiative is led by Baweja, Iacoucci, and a 10-person investment committee drawn from BGO’s senior Canadian and global leadership.

Pictured: BGO’s redevelopment of a multi-family project in Coquitlam, B.C., on which the company is partnering with Anthem Properties.

Rendering: BGO