Avison Young has enhanced its claim of being the world’s fastest-growing commercial real estate services firm by acquiring Calgary-based real estate management company Peregrin Inc.
“For 20 years, Peregrin has provided a full range of investment services to Canadian commercial real estate investors, owners and developers,” Mark E. Rose, Avison Young chair and chief executive officer, said in a statement. “The firm has developed an outstanding reputation for reliable and consistent advice and strategies in asset acquisitions and management of revenue-producing properties.”
Peregrin was established in 1995 to represent high-net-worth individuals, foreign and Canadian family trusts, and institutional, corporate, pension, endowment and sovereign fund clients. The firm’s services include property, asset and project management, as well as investment sales, leasing and mortgage-financing services.
Peregrin founder, president and CEO Kevin Ogle becomes a principal of Avison Young. He’ll direct its real estate management business units in Calgary and Edmonton and be responsible for expanding their related business lines throughout Alberta.
Ogle founded Centrex Contracting
Ogle was also president, CEO and founder of Centrex Contracting Inc. He previously spent nine years as Western Canada vice-president for The Edgecombe Group, a wholly owned subsidiary of North American Life Assurance Company, where he coordinated the sourcing of commercial property mortgage-investment opportunities and serviced mortgage portfolios. He has also held senior management positions with national institutional real estate investment organizations.
“By joining Avison Young, my team and I have achieved one of our corporate goals of offering clients an international market footprint and differentiated culture,” Ogle said in a release.
“This transaction provides us with a profound opportunity to contribute to Avison Young’s broad platform of asset services while continuing the Peregrin culture of creating wealth for our clients in real estate, treating our tenants as guests in our clients’ properties, and providing a career-growth vehicle that allows our staff to participate in the success of the company.”
Adds million square feet to portfolio
The acquisition boosts Avison Young’s presence in Calgary, Edmonton and throughout Western Canada, and adds approximately one million square feet of property under management to its portfolio. It also adds 12 staff members in Calgary who will carry out similar roles with Avison Young. New employees will be added to accommodate the expanded portfolio under management.
“Peregrin’s long-term clients have displayed deep loyalty, which speaks to the quality of Peregrin’s people and work,” said Rose. “This company has grown from the grassroots and complements our existing service lines.”
Peregrin has provided operations, accounting, administration, project management and leasing administration services for Avison Young in Calgary since October. But Todd Throndson, principal and managing director of Avison Young’s Calgary office, said discussions about joining forces have gone on for a decade.
This latest acquisition comes on the heels of Avison Young opening its 16th Canadian office in Moncton on Feb. 6. Gary Brown was named senior VP of the branch, which includes three sales representatives. Michael Brown, managing director of Avison Young’s Halifax office, will serve the same role for Moncton.
Avison Young opened an office in Munich on Jan. 21 and has grown from 11 to 64 offices and from 300 to more than 1,700 employees over the past six years. It has more than 70 million square feet of retail, industrial and office space under management in Canada, the United States and Europe.