The fund will build on TAS’ track-record of driving significant returns alongside broad positive social and environmental impacts.
TORONTO, June 3, 2021 – Today, TAS announced the closing of its third diversified real estate fund, TAS LP 3 (‘LP 3’). TAS has raised a total of $116.5 million of equity commitments for this closed-end fund and an associated co-investment vehicle, which will be deployed to expand the firm’s existing pipeline of Greater Toronto and Hamilton Area (GTHA) projects and deliver social and environmental impacts with and for communities through its development and value-add projects.
“As an unconventional impact company, we believe in doing well and doing good – that profit is foundational, but not the only goal,” said Mazyar Mortazavi, President & Chief Executive Officer, TAS. “Closing TAS LP 3 significantly ahead of our $100 million target signals that our investment strategies are resonating with investors seeking to align their capital with opportunities to deliver positive impacts for the people of today and future generations.”
TAS expects to acquire between six and ten properties in LP 3, expanding the firm’s proven track-record of developing and managing ground-up development and value-add repositioning projects that blend residential, commercial, cultural and community spaces. These projects will be leveraged to deliver on a broad range of impact objectives, including expanding affordability and equity, building social capital, and tackling climate change.
“Vancity’s definition of wealth is one that includes the financial, social and environmental well-being of its members and their communities,” said Heather Conradi, Director of Impact Investing, Vancity. “Making money and having a positive impact on the people and planet are not mutually exclusive, and we’re pleased to partner with TAS and provide investment to its real estate fund which has an explicit social, environmental and community purpose.”
“We see an opportunity to build an exceptional portfolio of properties that will deliver strong returns,” said Khan Tran, Chief Investment Officer, TAS. “We are tremendously grateful for our investors’ trust and confidence, and we look forward to driving profit and purpose together.”
ABOUT TAS
TAS is an unconventional impact company that promotes connected neighbourhoods and, caring, committed communities. As a Certified B Corporation, TAS is an industry leader in impact development with an active pipeline and portfolio totaling 6 million square feet across 15 properties throughout the Greater Toronto and Hamilton Area.
TAS focuses on tackling climate change, expanding affordability and equity, and building social capital to create neighbourhoods – and ultimately cities – where people can thrive and belong. TAS partners with investors to shape and amplify this vision. Join in by visiting tasimpact.ca and following our journey on LinkedIn, Instagram, and Twitter.
ABOUT VANCITY
Vancity is a values-based financial co-operative serving the needs of its more than 550,000 member-owners and their communities, with offices and 55 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the unceded territories of the Coast Salish and Kwakwaka’wakw people. With $30.5 billion in assets plus assets under administration, Vancity is Canada’s largest community credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.
Connect with us at www.vancity.com
For further information: media@tasimpact.ca