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For new condo apartments, the report found that government charges can add up to as much as C$124,582 per unit. That's about 50% higher than the average unit in the U.S. and about 30% higher than the average unit in Canada (see above chart for the list of cities). While all of us in the industry can appreciate this, I don't think most homeowners and tenants understand this. Hopefully they're reading this post.
Chart: Bloomberg
On Monday, Slate Asset Management announced a minority investment from Goldman Sachs Asset Management's Petershill Program. This is great news, so here's a copy of the full press release that went out.
Toronto, August 19, 2019 – Slate Asset Management L.P. (Slate), a leading alternative asset management platform with a focus on real estate and real assets, today announced a passive, non-voting minority equity investment from Goldman Sachs Asset Management’s Petershill program, creating a strategic relationship with one of the world’s leading investment managers and positioning Slate for future success. The transaction will have no impact on the control or decision making of Slate. The day-to-day operations and management of Slate will remain unchanged.
The investment provides capital that Slate will use to enhance its platform and increase its GP investments in current and future businesses and investment vehicles, further strengthening the firm’s alignment with its clients and investing partners.
The investment accelerates Slate’s goal to build the leading independent alternative investment platform in real estate and real assets. As part of the transaction, Slate Founders Blair and Brady Welch have made a long-term commitment to the business.
To date Slate has completed over $11 billion of transactions across Canada, the U.S. and Europe, through multiple vehicles spanning co-investments with global institutional partners, private equity funds and publicly-traded Real Estate Investment Trusts.
“This investment in our platform is an endorsement of our people, our strategy and our future,” said Brady Welch, co-founder of Slate. “For our investors and our team, this is excellent news; our strategy and model remain the same, and we can now benefit from our new relationship with Goldman.”
Blair Welch, co-founder of Slate, added that: “Since we started Slate nearly 15 years ago, we have showed that we can build tremendous value by providing our investors with a unique perspective, focusing on the fundamentals of the assets we acquire and delivering hands-on management that is innovative and creative. With our new relationship with Goldman Sachs, Brady and I are enthusiastic about what all of us at Slate can accomplish together over the next decade and beyond.”
“Slate Asset Management is an incredibly innovative, dynamic real-estate focused alternative asset management platform,” said Robert Hamilton Kelly, Managing Director, Goldman Sachs Asset Management Petershill program. “We are big believers in the strategy, the team and the model. We are excited to partner with Slate as they work to capture the opportunities before them.”
About Slate Asset Management
Slate Asset Management L.P. is a leading real-estate focused alternative investment platform with over $6 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly-traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm's careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a demonstrated ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
About Goldman Sachs Asset Management’s (GSAM) Petershill Program
The Petershill program is managed by GSAM’s Alternative Investments & Manager Selection (AIMS) Group, which provides investors with investment and advisory solutions across leading private equity funds, hedge fund managers, real estate managers, public equity strategies and fixed income strategies. With investments in over 20 asset management firms, the Petershill program provides strategic capital to mid-sized asset management firms and has raised over $5 billion of commitments since inception. GSAM is one of the world’s leading investment managers with more than $1 trillion in assets under supervision globally as of June 30, 2019.
For more information:
Slate Asset Management
Katie Fasken
416-583-1785
Goldman Sachs
Patrick Scanlan
212-902-5400
For new condo apartments, the report found that government charges can add up to as much as C$124,582 per unit. That's about 50% higher than the average unit in the U.S. and about 30% higher than the average unit in Canada (see above chart for the list of cities). While all of us in the industry can appreciate this, I don't think most homeowners and tenants understand this. Hopefully they're reading this post.
Chart: Bloomberg
On Monday, Slate Asset Management announced a minority investment from Goldman Sachs Asset Management's Petershill Program. This is great news, so here's a copy of the full press release that went out.
Toronto, August 19, 2019 – Slate Asset Management L.P. (Slate), a leading alternative asset management platform with a focus on real estate and real assets, today announced a passive, non-voting minority equity investment from Goldman Sachs Asset Management’s Petershill program, creating a strategic relationship with one of the world’s leading investment managers and positioning Slate for future success. The transaction will have no impact on the control or decision making of Slate. The day-to-day operations and management of Slate will remain unchanged.
The investment provides capital that Slate will use to enhance its platform and increase its GP investments in current and future businesses and investment vehicles, further strengthening the firm’s alignment with its clients and investing partners.
The investment accelerates Slate’s goal to build the leading independent alternative investment platform in real estate and real assets. As part of the transaction, Slate Founders Blair and Brady Welch have made a long-term commitment to the business.
To date Slate has completed over $11 billion of transactions across Canada, the U.S. and Europe, through multiple vehicles spanning co-investments with global institutional partners, private equity funds and publicly-traded Real Estate Investment Trusts.
“This investment in our platform is an endorsement of our people, our strategy and our future,” said Brady Welch, co-founder of Slate. “For our investors and our team, this is excellent news; our strategy and model remain the same, and we can now benefit from our new relationship with Goldman.”
Blair Welch, co-founder of Slate, added that: “Since we started Slate nearly 15 years ago, we have showed that we can build tremendous value by providing our investors with a unique perspective, focusing on the fundamentals of the assets we acquire and delivering hands-on management that is innovative and creative. With our new relationship with Goldman Sachs, Brady and I are enthusiastic about what all of us at Slate can accomplish together over the next decade and beyond.”
“Slate Asset Management is an incredibly innovative, dynamic real-estate focused alternative asset management platform,” said Robert Hamilton Kelly, Managing Director, Goldman Sachs Asset Management Petershill program. “We are big believers in the strategy, the team and the model. We are excited to partner with Slate as they work to capture the opportunities before them.”
About Slate Asset Management
Slate Asset Management L.P. is a leading real-estate focused alternative investment platform with over $6 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly-traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm's careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a demonstrated ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
About Goldman Sachs Asset Management’s (GSAM) Petershill Program
The Petershill program is managed by GSAM’s Alternative Investments & Manager Selection (AIMS) Group, which provides investors with investment and advisory solutions across leading private equity funds, hedge fund managers, real estate managers, public equity strategies and fixed income strategies. With investments in over 20 asset management firms, the Petershill program provides strategic capital to mid-sized asset management firms and has raised over $5 billion of commitments since inception. GSAM is one of the world’s leading investment managers with more than $1 trillion in assets under supervision globally as of June 30, 2019.
For more information:
Slate Asset Management
Katie Fasken
416-583-1785
Goldman Sachs
Patrick Scanlan
212-902-5400
The Hyperloop space has a number of competing companies that are all trying to figure out how to move people (between cities) in low-pressure tubes at nearly the speed of sound (1,234.8 km/h). For what it's worth, Virgin Hyperloop One, which was founded in 2014, has supposedly completed the most testing and raised the most money ($295 million as of December 2017).
This morning I was reading up on the Toronto-based TransPod, which was founded in 2015 by Sebastien Gendron and Dr. Ryan Janzen. They raised a $15 million seed round from an Italian tech group in 2016 and are close on another $50 million round right now. Following this, they'll look be looking for a few hundred million. They seem encouraged by where Canada's Strategic Innovation Fund has been placing money.
Supposedly, their biggest competitive advantage is cost. The company estimates their cost per kilometer to be about $25 million, which would put the cost of a Toronto-Montreal link at around $15 billion. This is not cheap, but it is allegedly cheaper. The travel time between these two cities could then be as short as 40 minutes.
Virgin Hyperloop One has been similarly looking at a Toronto-Ottawa-Montreal line, as it would stitch together about 25% of Canada's population. But apparently the federal government recommended that TransPod instead look at a line that sits entirely within one province -- at least at the start.
So the company has gone ahead and secured a 10-kilometer parcel of land in Alberta that will eventually form part of a future connection between Calgary and Edmonton. TransPod hopes to have this test track operational by 2022.
However, their focus right now is on France. (Being in Europe is another differentiator for the company. Europe gets transport.) With the help of a few partners, the company has started work on a 3-kilometer test track in Limoges, France. Permits were received at the end of last year and they hope to begin testing by the end of this year.
There's no question that this technology has the potential to be transformational, which is why so many companies are competing in the space right now. But it's obviously going to take a whole lot of moxie. Gendron is on the record talking about the risk-adverse nature of both Canadian regulators and investors when it comes to these sorts of large-scale innovations. That's a problem that we need to address.
The title of this post is a quote by Gendron taken from this TechVibes article.
Image: TransPod
The Hyperloop space has a number of competing companies that are all trying to figure out how to move people (between cities) in low-pressure tubes at nearly the speed of sound (1,234.8 km/h). For what it's worth, Virgin Hyperloop One, which was founded in 2014, has supposedly completed the most testing and raised the most money ($295 million as of December 2017).
This morning I was reading up on the Toronto-based TransPod, which was founded in 2015 by Sebastien Gendron and Dr. Ryan Janzen. They raised a $15 million seed round from an Italian tech group in 2016 and are close on another $50 million round right now. Following this, they'll look be looking for a few hundred million. They seem encouraged by where Canada's Strategic Innovation Fund has been placing money.
Supposedly, their biggest competitive advantage is cost. The company estimates their cost per kilometer to be about $25 million, which would put the cost of a Toronto-Montreal link at around $15 billion. This is not cheap, but it is allegedly cheaper. The travel time between these two cities could then be as short as 40 minutes.
Virgin Hyperloop One has been similarly looking at a Toronto-Ottawa-Montreal line, as it would stitch together about 25% of Canada's population. But apparently the federal government recommended that TransPod instead look at a line that sits entirely within one province -- at least at the start.
So the company has gone ahead and secured a 10-kilometer parcel of land in Alberta that will eventually form part of a future connection between Calgary and Edmonton. TransPod hopes to have this test track operational by 2022.
However, their focus right now is on France. (Being in Europe is another differentiator for the company. Europe gets transport.) With the help of a few partners, the company has started work on a 3-kilometer test track in Limoges, France. Permits were received at the end of last year and they hope to begin testing by the end of this year.
There's no question that this technology has the potential to be transformational, which is why so many companies are competing in the space right now. But it's obviously going to take a whole lot of moxie. Gendron is on the record talking about the risk-adverse nature of both Canadian regulators and investors when it comes to these sorts of large-scale innovations. That's a problem that we need to address.
The title of this post is a quote by Gendron taken from this TechVibes article.
Image: TransPod
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