BOARDWALK REIT AND DGAM CANADIAN PRIVATE REAL ESTATE FUND, L.P. ANNOUNCE STRATEGIC CO-OWNERSHIP TO EXPAND WESTERN CANADIAN MULTIFAMILY PLATFORM AND INITIAL $292 MILLION SEED PORTFOLIO
PR Newswire
CALGARY, AB, July 28, 2026
CALGARY, AB, July 28, 2026 /PRNewswire/ -- Boardwalk Real Estate Investment Trust ("Boardwalk", the "REIT" or the "Trust") (TSX: BEI.UN) and DGAM Canadian Private Real Estate Fund, L.P. managed by Desjardins Global Asset Management ("DGAM Real Estate Fund"), are pleased to announce the formation of a strategic co-ownership (the "Co-Ownership"), establishing a long-term institutional capital partnership focused on acquiring and owning high-quality multifamily communities across Western Canada. The Co-Ownership launches with an initial portfolio value of approximately $292 million ($173 million net of existing mortgages). The transaction represents a significant milestone in Boardwalk's capital allocation strategy, providing access to long-term institutional investment capital while preserving operational control, generating recurring management income, and creating a scalable platform for future growth opportunities. The initial portfolio consists of BRIO and Elbow 5 Eight in Calgary, Alberta and The Vue and Aurora in Victoria, British Columbia. DGAM Real Estate Fund will acquire a 50% interest in the portfolio for approximately $146 million ($86.5 million net of existing mortgages assumed), implying a gross portfolio value of $292 million, or approximately $446,000 per suite. The portfolio is being seeded at an implied cap rate of approximately 4.7% with an occupancy of 96.9% as of late July 2026.
