S E P T E M BER 3 0, 201 6
SPIRE VALUE ADD LIMITED PARTNERSHIP
Performance
YTD
1 Year
3 Year
5 Year
Since Inception
Total Return+
12.0%
16.9%
-
-
13.9%
12 Month Trailing Distribution Yield
4.0%
Key Statistics
Net Asset Value
Structure
$52.5 million
Limited Partnership
Inception Date
Past performance is not indicative of future results.
NAV Per
Investment Activity - Third Quarter
November 2014
Unit*
$122.03
Number of Units
Number of Assets
429,871
17
NUMBER OF
PROPERTIES
EQUITY
INVESTED
Acquisitions
1
$4.62M
Dispositions
-
-
Acquisitions Under Contract
-
-
• Partner with reputable developers and/or strategic
Dispositions Under Contract
-
-
partners through joint venture ( JV) relationships.
Equity Invested by Location
Cash & Other
Assets
29%
Ontario
2%
Alberta
9%
Washington, D.C.
3%
British
Columbia
39%
Investment Criteria
Equity Invested by Type
Cash & Other
Assets
29%
Industrial
22%
Columbia with an aim into expanding into other
major markets in Canada and the U.S. as the LP
grows.
• Return to investors, net of fees, targeted at 12% 15% annually.
Office
14%
California
18%
• Initial emphasis on procuring assets in British
Residential
35%
• Anticipated hold period through to disposition is
projected to be between 24 and 48 months for each
individual asset.
SPIRE VALUE ADD LP Overview
SPIRE VALUE ADD LP (SPIRE VA) is a real estate limited partnership (LP) that focuses on generating returns through investments in multiple projects using “value-add strategies.” The objective of
this LP is to acquire existing commercial and/or multi-family residential assets and/or development
sites in conjunction with value add partners who can add significant value by implementing a major
refurbishment/repositioning of the asset and/or re-development of a new product for resale. Properties acquired by SPIRE VA will not offer significant cash flow similar to those in SPIRE Real Estate
LP and SPIRE US LP, but are instead acquired for their value creation potential. As a result, returns
are realized once projects are completed and disposed of.
SPIRE VA offers the clients of Nicola Wealth Management (NWM) an opportunity to invest in direct
real estate with an experienced management team. The management of Nicola Crosby continues to
invest their own capital alongside the clients of NWM.
N I C O LA CROSBY REA L ESTAT E
Contact Information
Wayman Crosby, Managing Partner
Nicola Crosby Real Estate Asset Management Ltd.
SPIRE Value Add General Partner Ltd.
420-1508 West Broadway
Vancouver, BC V6J 1W8
T: + 1-778-383-6941
E: [email protected]
WWW. N ICOL ACR OS BY. COM
Investment Summary
NEW
Sherwood Business Centre, Edmonton, AB - In August, we acquired a 170, 273 sf multi-tenant
industrial property on 10.95 acres, fronting Sherwood Park Freeway in the Weir industrial park in Southeast Edmonton. The property is currently 100% leased. A leasing and capital strategy will be implemented
to add value to the property with an eventual sale upon completion of the program.
The LightWorks Building - 22-36 East 5th Avenue, Vancouver, BC (Partner: PC Urban) The development permit was issued by the City of Vancouver in September and the building permit is
anticipated to be released shortly. The building continues to receive a good level of interest from prospective tenants. Completion is slated for early 2018.
Madison & Dawson - 4305-4349 Dawson Street, Burnaby, BC (Partner: Porte Development) The residential component sold out entirely in April. Construction is now underway and completion is
anticipated for Q4 2017.
IntraUrban Business Park - 8811 Laurel Street, Vancouver, BC (Partner: PC Urban) - Pre-sales were
launched in early 2016 and the project was sold out by July. Construction commenced in June and the first
phase is expected to be complete in Q3 2017.
True North Partnership/Grosvenor Mezzanine Financing Program (Partner: Grosvenor Americas) The program is now comprised of a total of twelve projects in four markets: Greater Vancouver,
San Francisco, Los Angeles and Washington, D.C. The completion of the first project, 820 Mission in
Los Angeles by Intracorp, is anticipated in Q1 2017. Additional projects are expected to be added to the
program next quarter.
1380 Rodick Road, Markham, ON (Partner: North Bridge Investment Management Inc.) - Prior to
completing the acquisition, lease commitments from Engage People Inc. and Doxim Inc. were secured to
fill all remaining vacancy. These tenants are actively fitting out their spaces and the building will be 100%
occupied by November 2016. We are also exploring the potential for adding density to the site and have
engaged Quadrangle Architects to complete a feasibility study.
SOLD
The First Distribution from SPIRE Value Add LP was paid in July, related to the successful development
and disposition of West 7th Avenue, Vancouver, BC. The distribution was $4.90.
Disclaimer
•This does not constitute an offer of sale.
•Nicola Crosby is a subsidiary of Nicola Wealth Management
•Please speak with a Nicola Wealth Management advisor to
•Past performance is not indicative of future results.
discuss if this investment is right for you.
•Returns are net of LP expenses.
•This investment is only available for sale to residents of Canada •*NAV per unit is effective October 31, 2016
who are accredited investors. Please read the Limited Partnership •NAV per unit is based on projected returns on the assets
Agreement and subscription documents for additional details and currently held.
•This LP has a minimum hold period for investors of 3 years.
important disclosure information.
N I C O LA CROSBY REA L ESTAT E
WWW. N ICOL ACR OS BY. COM