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Crown and Vestcor Announce Acquisition of Minority Interest in the Partnership

Toronto, ON –(April 12, 2021) Crown Realty Partners (“Crown” or the “Partnership”) announced today that Vestcor Inc. (“Vestcor”) has acquired a minority interest in Crown Realty Partners on behalf of a number of its long-term investment clients.

Crown is an integrated commercial real estate investment and management firm focused on value-add opportunities across Canada, with over two billion dollars of real assets under management. Vestcor is a New Brunswick based investment manager and pension and employee benefits administrator with approximately $19 billion in assets under management.

The majority of Crown’s shares continue to be held by Crown’s operating partners who oversee all activities of the Partnership:  Jamie Christie, Mark Dimmell, Emily Hanna, Les Miller, Gary Summers and Scott Watson.

Crown and Vestcor have a long history, with Vestcor investing in Crown’s limited partnership funds since 2009.  Les Miller, Managing Partner, Crown said: “We anticipate that this strategic relationship with Vestcor will strengthen Crown’s ability to be the manager of choice for institutional investors in commercial real estate.  An institutional partner also reinforces Crown’s commitment to its fiduciary duties, good governance and ESG.”

This year, 2021, marks Crown’s 20th anniversary year.  This February, Crown also completed its initial closing for its fifth value-add commercial real estate fund (the “Fund”), in which Vestcor is also an LP.    Consistent with the value-add philosophy of its predecessor funds, the Fund will focus on commercial real estate assets with value enhancement opportunities located within Canada’s primary office markets, especially the Greater Toronto and Greater Ottawa Areas.

“We are pleased to partner with such an experienced team, who have for years been industry leaders,” Dan Goguen, VP Private Markets at Vestcor, said. “Crown, with its value-add focus, is well positioned to benefit from potential dislocations in the commercial real estate market. We look forward to a long-term relationship of continued success.”


About Crown Realty Partners
Crown is an integrated commercial real estate investment and management firm focused on value-add opportunities across Canada, with over two billion dollars of real assets under management. Founded in 2001, Crown has a well-established track record, an experienced team and takes a hands-on approach to provide superior returns for investors and better workplaces for tenants.  The Partners of Crown always coinvest in its value-add funds ensuring strong alignment of interests with investors.  This year, Crown launched its fifth value-add fund, Crown Realty V Limited Partnership (“CR V LP”, or the “Fund”) and completed its initial equity raise with $140 million of commitments from both institutional and family offices. The Fund is targeting an overall size of $300 million and will be open for additional equity commitments through to the end of 2021.

Further information about Crown is available online at

About Vestcor
Located in Fredericton, New Brunswick, Vestcor provides global investment management services to 9 different public sector client groups representing approximately $19.4 billion in assets under management as at December 31, 2020, and administration services to 15 public sector pension plans and 4 employee benefit plans.

Vestcor’s team of more than 140 New Brunswick-based service professionals provides innovative, integrated, cost-effective investment management and pension and benefit administration services solutions to public sector entities. Vestcor currently services the requirements of approximately 99,100 individual plan members and 134 participating employer groups.

Further information about Vestcor is available online at

For further information, please contact:
Emily Hanna
Partner, Investments
Crown Realty Partners

Twitter: @CrownCRP
Instagram: @CrownCRP
LinkedIn: Crown Property Management Inc.