EQ Bank is acquiring a majority stake in institutional-grade commercial real estate mortgage firm ACM Advisors.
The acquisition will give Toronto-based EQ a 75% stake in the Vancouver-based ACM, the companies announced Tuesday in a news release.
Founded in 1993, ACM is one of Canada’s largest institutional-grade commercial real estate mortgage providers. The company has $4.8 billion in assets under management and acts on behalf of pension plans, investment funds, charitable foundations, corporations and accredited retail investors.
Financial terms of the transaction were not disclosed. ACM will operate as an independent subsidiary of EQB and be distinct from EQB’s wholly owned subsidiary Equitable Bank. Equitable is classified as a challenger bank that competes against major banks.
EQB said the acquisition gives it immediate scale, provides specialized capabilities to serve a new set of Canadian customers and increases and diversifies fee-based growth.
The transaction is expected to close by year-end 2023.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.