Innovative Volumetric Prefabrication through Design-Assist & Manufacturing

LAS VEGAS–(BUSINESS WIRE)–#digitalfabrication—KHS&S, an industry leader in producing exterior finished wall panels, façades, interior framed walls, specialties, and themed construction, continues to pioneer prefabrication and offsite construction solutions. Now providing, Prefabricated Bathrooms Units (PBUs), Prefabricated Kitchen Units (PKUs), and prefabricated façades as Spek. KHS&S launches Spek at the Design-Build Conference & Expo (DBIA), Booth #654 in Las Vegas.

“Spek is a natural extension of the KHS&S brand. We’re excited to be back in the prefabricated bathroom and kitchen business while adding our prefabricated façade solutions to the brand,” said Bruce Holleran, Vice President, KHS&S. “Inquiries and increased interest from clients, general contractors and architects around PBUs and PKUs prompted us to launch Spek, which is positioned for success, because of our extensive history and experience.”

Industries geared toward volumetric prefabrication include healthcare, student housing, multi-family residential, education and hospitality, where projects require more than 100 repeatable PBUs or PKUs and are sized for trucking transport. For exterior prefabricated façades, feasibility is based on the number of building stories, finishes and integration of scope possibilities.

Optimal locations are metropolitan areas or remote areas. Busy city centers have limited laydown areas for onsite work, while rural areas may have difficulties securing materials, machinery, and a skilled workforce. Offsite construction solutions, eliminates these problematic areas that raise cost and increase timelines.

Design-Assist services coupled with Digital Fabrication is at the core of offsite construction. Digital Fabrication, the process where manufacturing is driven by technology, uses exact computer-generated measurements. This service allows clients to visualize their final Spek solution in an accurate 3D model prior to production. Once the drawings have been modeled and approved, output files are submitted to the Spek Fabrication Facility to construct.

“Whether designing PBUs, PKUs or prefabricated façades, collaboration in the Preconstruction phase is the driving force behind reducing costs, accelerating the schedule and improving constructability,” said Holleran. “Value analysis early in the process is important in driving long-term success.”

Located in Rancho Cucamonga, Calif., the Spek Fabrication Facility has the space and technology for mass production. More than 27 union associates work at the facility prefabricating all components of PBUs, PKUs, and prefabricated façades, including framing, drywall, tile, finishes and key MEP point of connection elements.

About Spek

Spek, an extension of the KHS&S brand, brings innovative prefabrication and manufacturing solutions to the construction industry. Providing the freedom to design and prefabricate volumetric units such as bathrooms, kitchens, and exterior facades in a controlled manufacturing environment. To learn more about Spek by KHS&S and its award-winning projects, please visit spek-ocs.com.

Contacts

Naomi Martin

Naomi.Martin@khsswest.com
+1 714-695-3670

The Ontario-based center will cater to Canadian & North American customers in Transportation Engineering Services and Digital Products

LTTS to hire 100 engineers over the next 18-24 months

TORONTO–(BUSINESS WIRE)–$LTTS #CommunicationsSystems–L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a leading global pure-play engineering services company, announced today the unveiling of its Engineering Research & Development (ER&D) Center in Toronto, Ontario (Canada), marking its third nearshore global design center in two quarters.

The ER&D Center in Toronto will initially focus on developing digital solutions for the transportation sector including railway engineering, for a global aerospace & rail major. The area of specialization would cover rail track defect detection, advanced mobility solutions, digital asset management, digital flyboard, sensors and communications systems.

The center will cater to LTTS’ Canada-based clients for developing cutting-edge solutions in Digital Products and also act as a nearshore site for North America-based customers to enable transformative, new-age initiatives in digital engineering.

With plans to hire over 100 engineers in the next 18-24 months, the ER&D center is expected to become a focal point to hire local talent and further bolster the region’s reputation as a hub for engineering and innovation.

The center was inaugurated by Mr. Amit Chadha, CEO and Managing Director of L&T Technology Services in the presence of Mr. Chris Pogue, CEO, Thales Canada, Mr. Ziad Rizk, COO of Ground Transportation Systems (GTS), Canada, Ms. Apoorva Srivastava, Consul General of India, The Hon. Victor Fedeli, Provincial Minister of Economic Development, Job Creation and Trade of Ontario, and Mr. Alind Saxena, Chief Sales Officer of LTTS.

Speaking on the occasion, Amit Chadha, Chief Executive Officer & Managing Director, L&T Technology Services said, “LTTS is recognized for being the engineering partner of choice for global leaders and developing new-age and sustainable technologies. Through this new ER&D center, our customers in Canada and North America can leverage our cutting-edge technologies and digital products. LTTS is committed to building exciting opportunities in the Canadian business ecosystem, while strategically expanding its North American footprint.”

Ziad Rizk, Chief Operating Officer, Ground Transportation Systems (GTS), Canada said, “With the vision to invest in new-age digital technologies in the railway engineering sector, we are delighted to partner with an ER&D leader like LTTS in Canada. We have over a decade-long partnership with LTTS which is further strengthened with the inauguration of this ER&D Center. Through this partnership, we are confident of continued innovation and providing effective, safe and modern railway capabilities for our customers.”

The Hon. Victor Fedeli, Ontarios’ Minister of Economic Development, Job Creation and Trade, said, “The City of Toronto is known to be the fastest growing city in North America due to its thriving technology ecosystem. We are delighted to welcome an industry leader like LTTS into our community and envision technological advancements and development of local talent through their ER&D centre. We look forward to LTTS’ participation in helping build economic value in the region, while supporting clients globally.”

His Excellency Mr. Manish, Acting High Commissioner of India to Canada, said, “The inauguration of this ER&D center is a big step towards further strengthening the relations between the two countries and promoting the Canada-India economic corridor. With the dedication to deliver innovative solutions and services to the North American clientele with the use of local resources, LTTS is establishing a strong technological footprint here in the region that is expected to benefit local communities and businesses.”

Earlier this year, LTTS inaugurated an Engineering Design Centre in Toulouse (France) and an ER&D Centre in Krakow (Poland), as part of its strategic global business expansion plans.

About L&T Technology Services Ltd

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 57 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 21,400 employees spread across 20 global design centers, 28 global sales offices and 90 innovation labs as of September 30, 2022. For more information, please visit https://www.LTTS.com/

Contacts

Media Contact:
Aniruddha Basu

L&T Technology Services Limited

E: Aniruddha.Basu@LTTS.com
T: +91-80-67675707

Through an extensive RFP process, Plugzio was selected for investment by RET on behalf of its group of over 40 multifamily owners and operators

RICHMOND, British Columbia–(BUSINESS WIRE)–Plugzio, the premier end-to-end technology for scaling electric vehicle (EV) charging at multifamily properties, announced the close of its seed round led by RET Ventures (‘RET’) — a leading, industry-backed venture fund focused on single family rental and multifamily real estate technologies.

This investment in Plugzio is the culmination of RET’s comprehensive evaluation of the EV charging space. In December 2021, RET launched a working group including over a dozen multifamily experts to explore EV charging technologies for multifamily properties. The group determined a focus on Level 1 (L1) charging with Level 2 (L2) support was the most suitable pathway to wide EV adoption for the multifamily industry, based on convenience, reliability, and affordability for both landlords and residents.

“Compared to L2 products that typically burden users with limited charger availability, peak charging rates, and idle fees for prolonged use, L1 and 1B (240V/20A) charging is the most suitable solution for owners,” said LCOR Chief Technology Officer Brian Bozeman, who participated in the working group.

With the goal of finding an L1 provider, RET’s working group launched an RFP to identify the best solution. After assessing more than 20 platforms, the working group decided on Plugzio, an ideal end-to-end solution that provides both L1 and L2 hardware options with a hardware-agnostic, cloud-based charger management system that integrates with established L2 providers.

“With Plugzio, residents can take advantage of off-peak rates with a guaranteed overnight charge in their dedicated spot, all while they sleep,” said RET Vice President Jameson Hartman, who led the working group. “If they need more power, Plugzio can provide L2 options or integrate with L2 chargers already at multifamily properties.”

Mohammad Akhlaghi, founder and CEO of Plugzio, added: “In today’s world, landlords must look at EV charging less as a luxury offering and more as a baseline amenity that residents will increasingly come to expect. Despite the development of more high-powered chargers, studies have shown that using an affordable L1/1B charger overnight is more than adequate for end-users and is more convenient and cost-friendly.”

Co-founded by Akhlaghi in 2018, Plugzio was created with the vision to simplify EV charging for every stakeholder and developed with an eye toward scalability, superior economics, and operational ease. Landlords can centrally manage all of their chargers with custom charging plans and access rights for residents and non-residents. All of this charging data is aggregated under a central dashboard for easy monitoring and analysis. The platform is also configured to streamline EV charging regardless of property type or charger type— while Plugzio offers an ideal solution for L1-focused multifamily properties, it also supports L2-heavy commercial and retail deployments with its best-in-class software and integrations.

Notably, lifetime costs for Plugzio’s L1/1B chargers are 80% lower than other EV charging options — a Plugzio device can be installed for under $500 and maintained by onsite staff without the need for a certified technician — which enables property owners to quickly and easily scale this solution. Plugzio also provides owners with a project management portal that gives real-time visibility into the entire process from site analysis through installation.

“EV charging today is similar to laundry decades ago,” said Shawn Mahoney, Senior Advisor at RET Ventures. “Residents do not want to pay more for a shared EV charger, just like they do not want to go to a laundromat, and Plugzio solves this issue.”

Since its launch four years ago, Plugzio has rapidly established itself as one of the leading EV solutions for the multifamily space, with more than 1,000 units deployed throughout North America.

About Plugzio

Plugzio is a charging platform that helps customers monitor, manage and monetize power at a micro-level. The Plugzio platform can be used to recoup the electricity cost consumed by EVs in shared spaces with benefits including scalability due to a small electrical footprint, extremely low upfront, and operational costs, and flexibility of the installations and use cases. Plugzio has installations in more than 20 cities around the world.

About RET Ventures

A leading real estate technology investment firm, RET Ventures is the first industry-backed, early-stage venture fund strategically focused on building cutting-edge “rent tech” — technology for multifamily and single-family rental real estate. RET invests out of core venture funds and a Housing Impact Fund, backing companies that address a range of pain points for real estate operators.

Through its deep expertise and connections, RET provides solutions to issues ranging from housing affordability and sustainability to risk management and operational efficiency.

The firm’s Strategic Investors include some of the largest REITs and private real estate owner-operators and managers, who control over 2.5 million rental units worth over $600bn dollars.

For more information, please visit www.ret.vc

Contacts

Isabella Sarlo

Antenna | Spaces

isabella.sarlo@antennagroup.com
551-287-2989

This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts in our tables are presented in thousands of Canadian dollars, except unit and per unit amounts, unless otherwise stated.

TORONTO–(BUSINESS WIRE)–DREAM IMPACT TRUST (TSX: MPCT.UN) (“Dream Impact”, “we”, “our” or the “Trust”) today reported its financial results for the three and nine months ended September 30, 2022 (“third quarter”).

For the second consecutive year, the Trust is pleased to achieve a five-star rating from GRESB, the Global Real Estate Sustainability Benchmark, which is recognition of its placement in the top 20% global benchmark with an overall score of 88/100. The Trust’s score can be attributed to excellent performance in Leadership, Policies, Reporting, Targets and, Data Monitoring and Review. Annual participation in the GRESB assessment provides the Trust with the opportunity for a third-party assessment of our continued progress towards achieving the Trust’s impact/ESG related goals. Further details on specific ESG metrics will be disclosed as part of our 2021 Sustainability Update report, which will be published in November.

“We are pleased with the Trust’s steady progress to create a more resilient portfolio,” said Michael Cooper, Portfolio Manager. “As we add an additional 210 multi-family units to our recurring income segment in the quarter, and construction continues on our 1,863-unit rental buildings in the West Don Lands, we believe we are well positioned to weather ongoing market disruptions by investing in high-quality assets, and contributing meaningfully to important societal issues. While our pace of external acquisitions may slow in the near term, with the largest portfolio of net-zero development and our extensive residential pipeline, we have tremendous internal growth.”

Selected financial and operating metrics for the three and nine months ended September 30, 2022, are summarized below:

		Three months ended September 30,						Nine months ended September 30,
			2022			2021			2022			2021
Condensed consolidated results of operations
Net income (loss)		$	337		$	2,154		$	1,309		$	(5,509)
Net income (loss) per unit(1)			0.01			0.03			0.02			(0.08)
Distributions declared and paid per unit			0.10			0.10			0.30			0.30
Units outstanding – end of period			66,094,687			64,939,362			66,094,687			64,939,362
Units outstanding – weighted average			65,982,734			65,066,259			65,637,245			64,934,850

During the three months ended September 30, 2022, the Trust reported net income of $0.3 million compared to net income of $2.2 million in the prior year. The change in earnings was primarily driven by timing of fair value adjustments on our income properties and developments, upon milestone achievements, as well as higher interest expense. This was partially offset by the impact of foreign exchange fluctuations on the Trust’s investment in the U.S. hotel.

As at September 30, 2022, the Trust had $9.0 million of cash-on-hand, which included unused proceeds from the Trust’s convertible debenture issuance. The Trust’s debt-to-asset value⁽¹⁾ as at September 30, 2022 was 27.3%, an increase relative to 25.7% as of June 30, 2022, primarily due to draws on the credit facility. For similar reasons, the Trust’s debt-to-total asset value, inclusive of project-level debt⁽¹⁾ and assets within our development segment, including equity accounted investments, was 60.0% as at September 30, 2022, compared to 57.4% as at June 30, 2022. This includes long-term government debt at low interest rates and high leverage, providing financial benefits that help us pay for the social benefits we provide, including our affordable housing and sustainability programs within our communities. As at September 30, 2022, the Trust had drawn $24.8 million on its $50.0 million credit facility.

As part of the Trust’s ongoing risk management practices, the Trust monitors the impact of macroeconomic factors on the business. This includes assessing the impact of cost escalations on operations and construction projects, and the impact of rising interest rates on our portfolio. We continue to monitor our capital allocation on an ongoing basis, pursue refinancing opportunities which mitigate interest rate risk, and tender a significant portion of development costs prior to construction commencement which helps contain inflationary risk.

Recurring Income

In the third quarter, the Trust’s recurring income segment generated net income of $1.2 million, consistent with prior year, although the composition of earnings differed in each period due to transaction costs, fair value adjustments and occupancy rates across the portfolio.

Throughout the period, we have continued to see strong leasing momentum across our multi-family rental buildings, ending the quarter with in-place and committed residential occupancy at 93.5% as of September 30, 2022, up from 82.5% as of June 30, 2022. Notably, Aalto Suites, a 162-unit multi-family rental building at Zibi, ended the quarter with in-place and committed occupancy at 74.7%, up from 34.6% at June 30, 2022. Aalto Suites has 95% of its units designated as affordable and we anticipate achieving stabilization for the asset in early 2023.

In the third quarter, the Trust acquired a 50% interest in 70 Park, a 210-unit multi-family rental building adjacent to the Port Credit GO station and in close proximity to the Trust’s Brightwater development. The gross purchase price for the site was $105.5 million (at 100%), of which approximately $25 million was allocated to land slated for redevelopment on the site. Inclusive of 70 Park, the Trust’s multi-family rental portfolio is comprised of nearly 1,600 units of which 25% are considered affordable.

Based on the Trust’s current development pipeline, we have an additional 2,826 residential units and 153,000 square feet (“sf”) of commercial and retail (at 100%) with an estimated value on completion of $508.5 million that will be completed and contribute to recurring income over the next three years. For further details, refer to the “Three-Year Recurring Income” table in Section 2.1, “Recurring Income”, in the Trust’s MD&A for the three and nine months ended September 30, 2022.

Development

In the third quarter, the development segment generated net income of $2.9 million compared to $4.2 million in the prior period. The decrease relative to prior year was driven by fair value gains recognized in 2021 within the Trust’s equity accounted investments, partially offset by higher foreign exchange gains on the Trust’s investment in the U.S. hotel this year.

In the period, we completed the acquisition of the Berkeley land assembly, which comprises five income properties adjacent to the Trust’s commercial asset, 49 Ontario, located in downtown Toronto. Inclusive of one property purchased in 2021, the Berkeley land assembly was purchased for $16.9 million, including transaction costs. The Trust has submitted a rezoning application for over 800,000 sf for this site and expects rezoning to be achieved by 2023. As of September 30, 2022, 49 Ontario was carried at $95.0 million per the Trust’s financial statements.

Other⁽²⁾

In the third quarter, the Other segment generated a net loss of $3.8 million compared to $3.3 million in the prior year. The increase was primarily driven by interest expense on the Trust’s convertible debentures and credit facility. Partially offsetting this was a deferred compensation recovery and decrease in the asset management fee as a result of fluctuations in the Trust’s share price.

Cash Generated from Operating Activities

Cash generated in operating activities for the three months ended September 30, 2022 was $1.5 million compared to cash generated of $4.3 million in the prior year, a decrease driven by proceeds received from a legacy development in the prior year and timing of deposits made on the Trust’s acquisitions.

Footnotes
(1)		For the Trust’s definition of the following specified financial measures: debt-to-asset value, debt-to-total asset value, inclusive of project-level debt, net income (loss) per unit, please refer to the cautionary statements under the heading “Specified Financial Measures and Other Measures” in this press release and the Specified Financial Measures and Other Disclosures section of the Trust’s MD&A.
(2)		Includes other Trust amounts not specifically related to the segments.

Conference Call

Senior management will host a conference call on Thursday November 3 at 2:00 pm (ET). To access the call, please dial 1-866-455-3403 in Canada or 647-484-8332 elsewhere and use passcode 24662328#. To access the conference call via webcast, please go to the Trust’s website at www.dreamimpacttrust.ca and click on Calendar of Events in the News and Events section. A taped replay of the conference call and the webcast will be available for 90 days.

About Dream Impact

Dream Impact is an open-ended trust dedicated to impact investing. Dream Impact’s underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and investment holdings, and recurring income, that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of Dream Impact are to create positive and lasting impacts for our stakeholders through our three impact verticals: environmental sustainability and resilience, attainable and affordable housing, and inclusive communities; while generating attractive returns for investors. For more information, please visit: www.dreamimpacttrust.ca.

Specified Financial Measures and Other Measures

The Trust’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain specified financial measures, including debt-to-asset value, debt-to-total asset value inclusive of project-level debt, and net income (loss) per unit, as well as other measures discussed elsewhere in this release. These specified financial measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Trust has presented such specified financial measures as management believes they are relevant measures of our underlying operating performance and debt management. Specified financial measures should not be considered as alternatives to unitholders’ equity, net income, total comprehensive income or cash flows generated from operating activities, or comparable metrics determined in accordance with IFRS as indicators of the Trust’s performance, liquidity, cash flow and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to Section 6, “Specified Financial Measures and Other Disclosures” in the Trust’s MD&A for the three and nine months ended September 30, 2022.

“Debt-to-asset value” represents the total debt payable for the Trust divided by the total asset value of the Trust as at the applicable reporting date. This non-GAAP ratio is an important measure in evaluating the amount of debt leverage; however, it is not defined by IFRS, does not have a standardized meaning, and may not be comparable with similar measures presented by other issuers.

As at		September 30, 2022				December 31, 2021
Total debt		$	203,585			$	133,150
Unamortized discount on host instrument of convertible debentures			1,152				809
Conversion feature			(345)				(357)
Unamortized balance of deferred financing costs			3,023				1,300
Total debt payable		$	207,415			$	134,902
Total assets			760,203				701,702
Debt-to-asset value			27.3%				19.2%

“Debt-to-total asset value, inclusive of project-level debt” represents the Trust’s total debt payable plus the debt payable within our development and investment holdings, and equity accounted investments, divided by the total asset value of the Trust plus the debt payable within our development and investment holdings, and equity accounted investments, as at the applicable reporting date. This specified financial measure is an important measure in evaluating the amount of debt leverage inclusive of project-level debt within our development and investment holdings, and equity accounted investments; however, it is not defined by IFRS, does not have a standardized meaning, and may not be comparable with similar measures presented by other issuers.

		September 30, 2022				December 31, 2021
Debt payable within our development and investment holdings, and equity accounted investments		$	622,683			$	493,217
Total assets			760,203				701,702
Total assets, inclusive of project-level debt		$	1,382,886			$	1,194,919
Debt payable within our development and investment holdings, and equity accounted investments		$	622,683			$	493,217
Total debt payable			207,415				134,902
Total debt, inclusive of project-level debt		$	830,098			$	628,119
Debt-to-total asset value, inclusive of project-level debt and assets within our development segment, including equity accounted investments			60.0%				52.6%

“Net income (loss) per unit” represents net income (loss) of the Trust divided by the weighted average number of units outstanding during the period.

		Three months ended September 30,						Nine months ended September 30,
			2022			2021			2022			2021
Net income (loss)		$	337		$	2,154		$	1,309		$	(5,509)
Units outstanding – weighted average			65,982,734			65,066,259			65,637,245			64,934,850
Net income (loss) per unit		$	0.01		$	0.03		$	0.02		$	(0.08)

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events. Some of the specific forward-looking information in this press release may include, among other things, statements relating to the Trust’s objectives and strategies to achieve those objectives; the publication and details of the 2021 Sustainability Update Report; the resiliency of the Trust’s portfolio; the belief that the Trust is well positioned to withstand market disruptions by investing in high-quality assets; the expectation that external acquisitions may slow in the near term; the Trust’s internal growth potential; the expectation that long-term government debt at low interest rates will provide certain financial benefits; the Trust’s ongoing monitoring of capital allocation, pursuit of refinancing opportunities to mitigate interest rate risks, and tender significant portions of development costs prior to construction commencement to contain inflationary risk; the Trust’s ability to execute on transactions and successfully navigate markets; expected growth of the Trust’s recurring income segment; our development and redevelopment pipeline; expectations regarding rezoning applications and related square footage and finalization dates, including in respect of the Berkeley land assembly; the Trust’s ability to achieve its impact and sustainability goals, and implementing other sustainability initiatives throughout its projects; and the 2,826 residential units and 153,000 sf of commercial and retail (at 100%) with an estimated value upon completion of $508.5 million which are expected to be completed and contribute to recurring income over the next three years.

Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: adverse changes in general economic and market conditions; the impact of the novel coronavirus (COVID-19 and variants thereof) pandemic on the Trust; risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, and international sanctions; inflation; the disruption of free movement of goods and services across jurisdictions; the risk of adverse global market, economic and political conditions and health crises; risks inherent in the real estate industry; risks relating to investment in development projects; impact investing strategy risk; risks relating to geographic concentration; risks inherent in investments in real estate, mortgages and other loans and development and investment holdings; credit risk and counterparty risk; competition risks; environmental and climate change risks; risks relating to access to capital; interest rate risk; the risk of changes in governmental laws and regulations; tax risks; foreign exchange risk; acquisitions risk; and leasing risks. Our objectives and forward-looking statements are based on certain assumptions with respect to each of our markets, including that the general economy remains stable; the gradual recovery and growth of the general economy continues over 2022; that no unforeseen changes in the legislative and operating framework for our business will occur; that there will be no material change to environmental regulations that may adversely impact our business; that we will meet our future objectives, priorities and growth targets; that we receive the licenses, permits or approvals necessary in connection with our projects; that we will have access to adequate capital to fund our future projects, plans and any potential acquisitions; that we are able to identify high quality investment opportunities and find suitable partners with which to enter into joint ventures or partnerships; that we do not incur any material environmental liabilities; interest rates remain stable; inflation remains relatively low; there will not be a material change in foreign exchange rates; that the impact of the current economic climate and global financial conditions on our operations will remain consistent with our current expectations; our expectations regarding the impact of the COVID-19 pandemic and government measures to contain it; our expectation regarding ongoing remote working arrangements; and competition for and availability of acquisitions remains consistent with the current climate.

All forward-looking information in this press release speaks as of October 31, 2022. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in the Trust’s filings with securities regulators filed on the System for Electronic Document Analysis and Retrieval (www.sedar.com), including its latest annual information form and MD&A. These filings are also available at the Trust’s website at www.dreamimpacttrust.ca.

Contacts

For further information, please contact:

Meaghan Peloso
Chief Financial Officer

416 365-6322

mpeloso@dream.ca

Kimberly Lefever
Director, Investor Relations

416 365-6339

klefever@dream.ca

• GRESB Improvements Achieved, Building on Longstanding Climate Transparency and Accountability Efforts
• Scored 91/100, Ten Points above GRESB Global Development Benchmark Average
• Placed 1^st in both GRESB score and Development score within Americas, Non-listed, Core, Closed end
• Earned a 4 Green Star rating for Development

VANCOUVER, British Columbia–(BUSINESS WIRE)–Grosvenor, a privately held property owner and developer with a 70-year track record in North America, announces increased ratings in the 2022 Global Real Estate Sustainability Benchmark (GRESB®) Real Estate Assessment for both its property Development and Investment activity, exceeding benchmark averages in Leadership, Policies, Reporting and Stakeholder Engagement.

“Grosvenor has been publicly disclosing our reduction efforts for the last 15 years. 2022 marks our second GRESB reporting cycle, and we are pleased to see improved rankings across all categories,” said Steve O’Connell, CEO of Grosvenor’s North American property business. “Our history of public reporting reflects our belief in the importance of transparency and accountability; GRESB is a globally-recognized benchmarking tool that helps us focus our activities and provides clarity on our performance for our like-minded capital partners.”

In release of this year’s GRESB scores, Grosvenor has shown significant increases in its annual ratings, particularly in Development, which led the way with a score of 91, a 17-point improvement from 2021, securing four Green Stars and eleven points above industry peer average of 80. Grosvenor placed 1^st in both GRESB score and Development score within Americas, Non-listed, Core, Closed end ranking.

Additional highlights from the Development assessment include scoring top marks in the ESG Requirements, Materials, Waste, and Water Consumption categories. In the Standing Investment assessment, Grosvenor increased 7 points to 72 and earned higher than benchmark average scores in the Targets, Waste, Tenants & Community and Data Monitoring & Review categories.

According to GRESB, an independent group that measures the ESG performance of individual assets and portfolios based on self-reported data, 1,820 entities participated in the 2022 Real Estate Benchmark, covering USD 6.9 trillion of gross asset value (GAV) across 74 countries.

“Earning 4-stars for Development in our second GRESB reporting year makes a powerful statement about our commitment to managing Grosvenor’s impacts on the places in which we build and invest. Being validated by GRESB, a respected tool that has helped standardize reporting across our industry, speaks volumes,” said Tanja Milosevic, Grosvenor’s Associate Vice President of ESG in North America. “We will continue to improve our business operations to meet and exceed our sustainability, social, and governance goals.”

In 2019, Grosvenor was among the first real estate companies in North America to sign the World Green Building Council’s Net Zero Carbon Buildings Commitment. In the U.S. and Canada, Grosvenor is aiming to exceed that commitment through several reduction targets for 2030:

• Carbon neutrality: 100 per cent Scope 1 and 2 operational emissions and 40% Scope 3 embodied carbon emissions reductions.
• Energy efficiency: 20 per cent reduction in tenant spaces; continuing and expanding the ‘green’ leases that we have been pursuing for the last 12 years; and engaging with existing tenants to obtain emissions data to work toward reduction.
• Clean energy: 50 per cent​ of electricity consumption provided from renewable sources; investing in on-site renewables now and using some green tariffs, especially in California.
• Partnerships: 75 per cent ​of suppliers, tenants and investors agreeing to an internal supply chain charter.

About Grosvenor

Grosvenor has been an active property owner and developer in the U.S. and Canada for 70 years. We focus on vibrant urban locations, making positive contributions to neighborhoods and communities. As of December 31, 2021, we had assets under management of USD$3.6bn.

In North America, we signed the World Green Building Council’s Net Zero Carbon Buildings Commitment in 2019 and have been publicly reporting our annual consumption and reduction values for 15 years. We are guided by industry leading ESG business principles and we report to the Global Real Estate Sustainability Benchmark (GRESB).

Part of an international property company with a track record of over 340 years, we develop, manage, and invest to improve property and places across many of the world’s leading cities, promoting sustainability within the built environment, and enhancing the wellbeing of our customers and communities.

We are a values-led organization which represents the Grosvenor family. Our work in property, alongside Grosvenor’s other activities in food & agtech, rural estate management and support for charitable initiatives, shares a common purpose – to deliver lasting commercial, social and environmental benefit –​​​​​​​ addressing today’s needs while taking responsibility for those of future generations. www.grosvenor.com

Follow us on

Twitter: @GrosvenorGRP | LinkedIn: Grosvenor| Instagram: ThisisGrosvenor

Copyright © Grosvenor ALL RIGHTS RESERVED

Contacts

For more information:
Great Ink Communications
Roxanne Donovan, Tom Nolan, Rick Van Warner, Eric Waters

+1 212-741-2977

Grosvenor@GreatInk.com

Free, Open-Access Tool for Built Environment Sector to Support Carbon-Smart Procurement Decisions

SEATTLE–(BUSINESS WIRE)–Building Transparency, a nonprofit organization that provides open-access data and tools to foster a better building future, today announces the launch of the beta version of its latest tool, Tally Climate Action Tool (tallyCAT), which is keenly focused on carbon reductions. Developed in collaboration with Perkins&Will and C-Change Labs and funded by the Province of British Columbia, this free and open-access tool provides the data necessary to prioritize low-carbon products and make environmentally responsible decisions early, swiftly, and confidently – all while working within Revit, a building information modeling (BIM) software.

tallyCAT beta marks an important milestone for the building and construction industry as it is being launched at a time when attention to embodied carbon reduction is a growing priority. The tool provides designers with real-time information on material performance and carbon impacts via direct access to the Embodied Carbon in Construction Calculator’s (EC3’s) global database of Environmental Product Declarations (EPDs) – the primary pathway for manufacturers to communicate the environmental impacts of their products. It will also integrate directly into Revit, saving designers time and allowing them to scale up.

“Our team at Building Transparency is hyper-focused on providing the tools and resources needed to help the built environment industry understand, measure, and reduce its embodied carbon emissions,” said Stacy Smedley, Executive Director at Building Transparency. “The tallyCAT beta tool is another step for us in providing a robust ecosystem of tools to enable action and the prioritization of low-carbon design and procurement decisions. With this new tool, we’re able to meet designers where they are in Revit and provide the data necessary to drive green specification and procurement.”

Development & Support of tallyCAT

The development of tallyCAT beta is made possible through a partnership between Building Transparency Canada, Perkins&Will, and C-Change Labs, who are focused on driving carbon reductions in the industry. This group of innovators was awarded a $460,000 grant from the Province of British Columbia’s 2021 CleanBC Building Innovation Fund to bolster development of this project.

The tallyCAT team aims to ignite widespread change in the building, design, and construction sectors. “We are co-developing tallyCAT with the aspiration of bringing low-carbon product selection into the design process, developing data-informed workflows that can become integral to every project,” said Jesce Walz, a designer and carbon leader at Perkins&Will. “Our team is focused on leveraging the power of open access tools and collaborative partnerships to improve our industry’s environmental impacts.”

Also in 2021, world-renowned architecture firm, KieranTimberlake, gifted Tally, the life cycle assessment (LCA) tool to Building Transparency for its continued management, hosting, and development. The tallyCAT design team is leveraging the capabilities of Tally LCA and EC3 to develop tallyCAT into a free and open-access next-generation climate action tool. The early-access beta version of tallyCAT is the initial socialization of a Revit-based carbon reduction tool that integrates with EC3 and is a significant milestone on the journey to make low-carbon product decisions earlier in the design lifecycle.

“We are grateful for the financial support from the Province of British Columbia through the Ministry of Energy, Mines and Low Carbon Innovation and to KieranTimberlake for trusting our team with Tally LCA,” said Smedley. “These organizations have made the development of tallyCAT possible as we work to drive climate action in the built environment sector.”

Today, the Tally LCA tool and now, tallyCAT, support the direct export of material quantities from Revit to EC3, streamlining the process to evaluate project material conditions. Additionally, tallyCAT allows for synchronization between Revit and EC3, making it easier to identify carbon reduction opportunities within the Revit environment. Building Transparency, Perkins&Will and C-Change Labs hope to make tallyCAT a whole-life carbon tool and plans to release an updated version in 2023.

Ongoing Management of Tally LCA

At the same time, the nonprofit will continue to maintain Tally as an LCA tool. Moving forward, this tool will be referred to as tallyLCA, reflecting its ability to help measure multiple categories of environmental impact beyond embodied carbon and support users looking to inform sustainable design from a holistic perspective of ecosystem impact reduction. Building Transparency has also kicked off a project to create a free, open-access building material LCA dataset, which will enable tallyLCA to become the nonprofit’s third free tool offering upon its completion.

“We are thrilled to continue our support of Building Transparency’s ecosystem of open-access carbon-reduction tools,” said Billie Faircloth, Partner and Research Director of KieranTimberlake. “We look forward to transitioning tallyLCA into a free and open-access tool.”

tallyCAT beta Launch at Greenbuild

tallyCAT beta will be launched at and demoed throughout the Greenbuild Conference and Expo, taking place from November 1 – 3, 2022, at the Moscone Center in San Francisco, CA. Attendees will be able to learn more about tallyCAT and other updates and initiatives from Building Transparency at Booth #1839. The team will lead demos and participate in panel discussions and sessions about embodied carbon, low-carbon procurement, and the need for material innovations within the built environment sector.

Attendees can learn more about the education sessions and other experiences at Greenbuild at: https://informaconnect.com/greenbuild/

About Building Transparency

Building Transparency is a 501(c)3 nonprofit organization that provides open-access data and tools that support broad and swift action across the building industry in addressing embodied carbon’s role in climate change. Formed in 2020, Building Transparency hosts, manages, and maintains the Embodied Carbon in Construction Calculator (EC3) tool, which provides thousands of digitized EPDs in a free, open-source database, and tallyLCA, the nonprofit’s life cycle assessment tool. Building Transparency strives to provide the resources and education necessary to shape a better building future through promoting the adoption of the EC3 tool and tallyLCA, establishing the official materialsCAN and ownersCAN programs, and working with global policymakers.

About Perkins&Will

Perkins&Will, an interdisciplinary, research-based architecture and design firm, was founded in 1935 on the belief that design has the power to transform lives. Guided by its core values—design excellence, diversity and inclusion, living design, research, resilience, social purpose, sustainability, and well-being—the firm is committed to designing a better, more beautiful world. Fast Company has named Perkins&Will one of the World’s Most Innovative Companies in Architecture three times, and in 2021, it added the firm to its list of Brands That Matter—making Perkins&Will the only architecture practice in the world to earn the distinction. With an international team of more than 2,000 professionals, the firm has over 20 studios worldwide, providing integrated services in architecture, interior design, branded environments, urban design, and landscape architecture. Industry rankings consistently place the firm among the world’s top design practices. Partners include Danish architects Schmidt Hammer Lassen; retail strategy and design consultancy Portland; sustainable transportation planning consultancy NelsonNygaard; and luxury hospitality design firm Pierre-Yves Rochon (PYR). For more information, visit www.perkinswill.com.

Contacts

Building Transparency Contact
Kelly Ronna

Trevelino/Keller

kronna@trevelinokeller.com

Perkins&Will Contact
Vicky Su

Perkins&Will

Vicky.su@perkinswill.com

The Impact Awards Seek to Recognize Exemplary Commercial Real Estate Projects and Transactions in the United States, Canada and the United Kingdom

RICHMOND, Va.–(BUSINESS WIRE)–CoStar Group (NASDAQ: CSGP) is excited to formally announce that submissions have opened for the second annual CoStar Impact Awards. The CoStar Impact Awards seek to identify and highlight commercial real estate projects and transactions that have had a signifcant influence in neighborhoods or submarkets accross 128 major international markets in the United States, Canada and the United Kingdom. The awards will recognise exemplary projects and transactions completed in 2022, as selected by a panel of industry professionals drawn from each respective market.

Judges panels comprised of commercial real estate industry professionals will select winners from each market based on the following categories in the United States and Canada: Lease of the Year, Commercial Development of the Year, Multifamily Development of the Year, Redevelopment of the Year and Sale/Acquisition of the Year; and the following categories in the United Kingdom: Lease of the Year, Commercial Development of the Year and Sale/Acquisition of the Year. Judges will choose impactful and innovative projects that represent growth and diversification and overcame unique challenges in each market or submarket as winners. Award winners will receive a customized trophy, as well as promotion on the CoStar platform and marketing channels.

“We are thrilled to announce this year’s CoStar Impact Awards, which will recognize and amplify the incredible accomplishments made in 2022 by real estate professionals across the US, Canada, and the UK,” said Lisa Ruggles, CoStar Group’s Senior Vice President of Global Operations.

Examples of winning submissions from 2021 include a $39 million sale and acquisition of two acres in Chicago’s booming Fulton Market area, a mixed-use apartment building featuring 1,600 apartment units, 70,000 square feet of office space and 30,000 square feet of retail in one of the biggest transit-oriented developments in Miami, and a $1.6 billion mega mixed-use project composed of nine sites totaling nearly 2 million square feet on Manhattan’s Lower East Side.

In addition to a call for entries, CoStar Group is also searching for judges. To be considered for these roles, applicants must be a commercial real estate industry professional with deep knowledge of their respective market. If you fit these criteria and are interested in evaluating nominations, please email impactawards@costar.com.

For those looking to submit their work for awards consideration, CoStar Group is now accepting submissions through their US/Canada website and UK website. Nominations will be accepted through January 31, 2023.

About CoStar Group, Inc.

CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the property markets. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information.

Contacts

News Media Contact
Matthew Blocher

CoStar Group

(202) 346-6775

mblocher@costargroup.com

TORONTO & NEW YORK–(BUSINESS WIRE)–The Real Brokerage Inc. (“Real” or the “Company“) (TSX: REAX) (NASDAQ: REAX), the fastest growing publicly traded real estate brokerage, today announced that it will release its third quarter 2022 financial results before market open on Thursday, November 10, 2022.

The Company will subsequently hold a conference call to discuss third quarter 2022 operating and financial results on Thursday, November 10, 2022, 11:00 AM EST. An archived replay of the webcast will also be available for one year by clicking the link below.

Conference Call Details:

Date:		Thursday, November 10, 2022
Time:		11:00 a.m. EST
Dial-in Number:		North American Toll Free: 888-506-0062
		International: 973-528-0011
Access Code:		375759
Webcast:		https://www.webcaster4.com/Webcast/Page/2699/46760
Replay Number:		North American Toll Free: 877-481-4010
		International: 919-882-2331
Passcode:		46760
Webcast Replay:		https://www.webcaster4.com/Webcast/Page/2699/46760

Participants are encouraged to dial in 5 to 10 minutes before the beginning of the conference call.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, information relating to Real’s third quarter earnings call, the release of the third quarter financial results and the business and strategic plans of Real.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

About Real

The Real Brokerage Inc. (NASDAQ: REAX) (TSX: REAX) is revolutionizing the residential real estate industry by pairing best-in-class technology with the trusted guidance of the agent-led experience. Real delivers a cloud-based platform to improve efficiencies and empower agents to provide a seamless end-to-end experience for homebuyers and sellers. The company was founded in 2014 and serves 44 states, D.C., and three Canadian provinces with over 7,000 agents. Additional information can be found on its website at onereal.com.

Contacts

For additional information, please contact:

Jason Lee

Vice President, Capital Markets & Investor Relations

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:

Elisabeth Warrick

Director, Communications

elisabeth@therealbrokerage.com
201.564.4221

TORONTO–(BUSINESS WIRE)–The Board of Trustees (the “Board”) of Slate Office REIT (TSX: SOT.UN) (the “REIT”), an owner and operator of high-quality workplace real estate, announced today that it has received a unitholder requisition to call a special meeting of the REIT’s unitholders to, among other items, remove five Trustees from the Board and elect four nominees of the requisitioning unitholder in their place. The Board of the REIT will review the requisition and will provide an update in due course.

About Slate Office REIT (TSX: SOT.UN)

Slate Office REIT is a global owner and operator of high-quality workplace real estate. The REIT owns interests in and operates a portfolio of strategic and well-located real estate assets in North America and Europe. The majority of the REIT’s portfolio is comprised of government and high-quality credit tenants. The REIT acquires quality assets at a discount to replacement cost and creates value for unitholders by applying hands-on asset management strategies to grow rental revenue, extend lease term and increase occupancy. Visit slateofficereit.com to learn more.

Forward-Looking Statements

Certain information herein constitutes “forward-looking information” as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words “plans,” “expects,” “does not expect,” “scheduled,” “estimates,” “intends,” “anticipates,” “does not anticipate,” “projects,” “believes,” or variations of such words and phrases or statements to the effect that certain actions, events or results “may,” “will,” “could,” “would,” “might,” “occur,” “be achieved,” or “continue” and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators.

SOT-SA

Contacts

Investor Relations

+1 416 644 4264

ir@slateam.com

Expansion allows Siemens-owned company to tap into Waterloo regional talent for software development and engineering teams

SANTA CLARA, Calif. and KITCHENER, Ontario–(BUSINESS WIRE)–#digitaltransformation–Today Enlighted, a leading proptech company, announced the opening of its new office in Kitchener, Ontario. The new office will be a hub for technical product development teams and further the company’s global scope as it continues to develop cutting-edge IoT and sustainability solutions at the intersection of people, space and work.

“After two and a half years of the pandemic, in-office collaboration is a more critical part of hybrid working than ever before,” said Stefan Schwab, CEO, Enlighted. “As a proptech leader, we intimately understand the value in bringing together new and future talent to collaborate and ideate in person, ultimately creating a shared sense of purpose. We look forward to further tapping into the rich talent base in the Waterloo and Kitchener area to bolster our product innovation.”

Enlighted’s new office is in the Catalyst Building, a hub for Waterloo’s tech community. The Enlighted team will focus on the development of innovative smart building IoT sensors, data and software applications that enable customer productivity and real progress towards customers’ net carbon zero sustainability goals. The new office is designed to spark collaboration and innovation with a higher percentage of collaboration spaces and meeting rooms relative to other types of space.

“The Waterloo region is attracting some of the most innovative thinkers in Canada, thanks to its strong combination of established high-tech companies, active start-ups and educational institutions,” said David Wigg, Head of Software Engineering, Enlighted. “As a result, Kitchener has become a magnet for large companies who want to build engineering teams. Investing has helped us recruit some of the best minds, and access to the University of Waterloo allows us to invest in the next generation while giving our teams a real boost of talent and creativity.”

Enlighted has operated in Canada since 2019 and has grown to over 30 employees. The majority of employees will be based out of the Catalyst Building. The company has also developed strong ties with the University of Waterloo, one of Canada’s best universities for computer science and engineering. Since starting operations in Canada, Enlighted has worked with over 70 students from the university’s co-op internship program, hiring many as full-time employees. The office design and technology address the new requirements for hybrid work and uses Enlighted’s products to inform employees when is the best time to come to the office for collaboration and innovation.

About Enlighted

Enlighted is a leading proptech provider of IoT solutions at the intersection of people, space, and work. We offer a unique combination of cognitive environmental IoT sensors and lighting controls that connect to intelligent workplace experience apps, offering a singular, scalable, interoperable solution to address a spectrum of building, space, and productivity needs. Our customers leverage these solutions to enable occupant well-being, greater business efficiencies and momentum toward their sustainability goals. Enlighted is part of Building Robotics, Inc., a Siemens company. For more information, please visit us at enlightedinc.com.

Contacts

Ellen Gustafson
Enlighted PR
Ellen.gustafson@siemens.com
+1.415.505.6783

LONDON–(BUSINESS WIRE)–#AssetManagement–H.I.G. Capital, LLC (“H.I.G.”), a leading global alternative investment firm with $52 billion of equity capital under management, announced that it has hired Alessio Lucentini as Managing Director and Head of Real Estate Asset Management in Europe.

Mr. Lucentini joins H.I.G. from EQT Exeter where he was a Managing Director. Prior to EQT, he spent 16 years at AXA Real Assets where he was part of the Executive Committee. He previously worked at Cushman & Wakefield and for the real estate development company AIG/Lincoln.

Riccardo Dallolio, Managing Director and Head of H.I.G. Europe Realty Partners, commented: “We are thrilled to welcome Alessio to the team. He brings a wealth of knowledge and experience that will prove invaluable as we continue executing our differentiated real estate strategy across Europe focused on value-add investments.”

“H.I.G. has a long and successful track record investing across the real estate asset spectrum and has built a best in class real estate business in Europe,” said Mr. Lucentini. “I am delighted to join the H.I.G. Realty team and help the firm further drive value-add initiatives across Europe.”

About H.I.G. Capital

H.I.G. is a leading global alternative assets investment firm with $52 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Rio de Janeiro, São Paulo and Bogotá, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:

1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
4. H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

Contacts

Riccardo Dallolio

Managing Director

rdallolio@higrealty.com

TORONTO–(BUSINESS WIRE)–Slate Office REIT (TSX: SOT.UN) (the “REIT”), an owner and operator of high-quality workplace real estate, today announced that it has launched a comprehensive review of strategic alternatives. The REIT’s Board of Trustees has established a special committee, co-chaired by Tom Farley and Michael Fitzgerald and made up of five independent directors, to oversee the process and will retain a financial advisor to assist with the strategic review.

The special committee will evaluate a broad range of options with a focus on maximizing value for unitholders. These alternatives could include acquisitions, divestments, corporate transactions, and other partnership opportunities with the potential to unlock the inherent value contained within the REIT’s portfolio of high-quality workplace real estate.

There can be no assurance that the strategic review process will result in any transaction or other alternative, nor any assurance as to its outcome or timing. The REIT intends to provide an update once the review process is completed. The REIT’s financial results for the third quarter 2022 will be available on November 1, 2022.

About Slate Office REIT (TSX: SOT.UN)

Slate Office REIT is a global owner and operator of high-quality workplace real estate. The REIT owns interests in and operates a portfolio of strategic and well-located real estate assets in North America and Europe. The majority of the REIT’s portfolio is comprised of government and high-quality credit tenants. The REIT acquires quality assets at a discount to replacement cost and creates value for unitholders by applying hands-on asset management strategies to grow rental revenue, extend lease term and increase occupancy. Visit slateofficereit.com to learn more.

Forward-Looking Statements

Certain information herein constitutes “forward-looking information” as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words “plans”, “expects”, “does not expect”, “scheduled”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projects”, “believes”, or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “occur”, “be achieved”, or “continue” and similar expressions identify forward-looking statements. Forward-looking statements include, without limitation, statements regarding the strategic review process and the strategic alternatives that may be available to the REIT. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators.

SOT-SA

Contacts

For Further Information

Investor Relations

+1 416 644 4264

ir@slateam.com