Investors in the fund, which has $1.9-billion in equity and a total value of $4.9-billion including debt, will not be able to cash out of the fund or receive a cash distribution for the next year
KingSett Capital Inc., one of the country’s most experienced commercial real estate investors, has halted redemptions and distributions from its flagship Canadian fund as it navigates persistent industry woes.
The Globe and Mail is not naming the sources because they were not authorized to speak publicly about the matter. KingSett’s Canadian Real Estate Income Fund also largely owns assets such as office towers that generate cash flow, whereas Romspen and Hazelview often lend to development projects. KingSett initially limited investor redemptions from the Canadian Real Estate Income Fund LP and also reduced distributions in early 2023, telling investors that it had devised a new formula that linked the distribution to cash flows. Throughout the year, KingSett also asked CREIF investors to agree to invest more in the fund if needed, something known as capital commitments.
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