Canderel expands Property Management service offering to residential buildings

With an investment in two established players in the residential property management business, Canderel launches a new national service line.

MONTRÉAL, Dec. 7, 2022 /CNW/ - Canderel is thrilled to announce an investment in Wilkar Property Management and TSE Management Services Inc., positioning the company as a key player in the Canadian residential property management business. The transaction enables Canderel to expand its real estate services to a broader client base while continuing to service and support Wilkar's and TSE's clients.

Canderel already has a strong presence in the commercial property management industry with over 24M sf of managed space across the country. Now, the company is combining its expertise in the property management and residential development business with the capability to manage residential properties over the long term. The portfolio managed by the partnership already execeeds 17 000 units across Ontario and Quebec and is expected to grow in scale and geographic scope. Wilkar and TSE provide management services to both condominium associations and apartment building owners while also providing a variety of occupant offerings.

"This is a much anticipated expansion for our business." said Brett Miller, Canderel CEO  "By welcoming Wilkar and TSE to the Canderel family, we further enhance our capabilities as a service provider to third-party capital and owners of properties to help manage, invest in and develop their properties."

With the partnership in place, Michael Wilk, Malcolm Marcus and Martin Janks will bring years of experience and leadership to Canderel's national residential property management service line. The company is set to onboard 79 employees effective immediately.

ABOUT CANDEREL
Canderel is one of Canada's largest privately held real estate companies. It was founded over 46 years ago by Jonathan Wener and has since grown from its base in Montréal to seven offices across Canada. Canderel owns and manages a real estate portfolio of more than 24 million square feet in Canada's seven major markets ? Québec City, Montréal, Ottawa, Toronto, Calgary, Edmonton and Vancouver. Its 650 real estate professionals have executed more than $20 billion in acquisitions, developments and management projects.

ABOUT WILKAR PROPERTY MANAGEMENT
Led by Michael Wilk, Wilkar property management is a full service real estate management company specializing in the management of luxury condominiums in the Montreal area. Founded in 2006, the company currently manages a portfolio of over 10,000 units in 74 buildings. Combined, the total value of their portfolio surpasses $900,000,000.

ABOUT TSE MANAGEMENT INC.
TSE Management Services Inc. is a full-service Toronto property management and consulting company exclusively in the condominium management field. Led by Malcolm Marcus and Martin Janks, the company offers dynamic, professional, competent and proactive condominium management in the Greater Toronto Area. T.S.E opened up for business in 1988 with two corporations on the Harbourfront. Decades later, their portfolio has grown to over 70 condominium corporations.

SOURCE Canderel Management Inc.