Forum Equity Partners has closed the acquisition of Brookfield Infrastructure Partners L.P.'s interests in the Surrey Pretrial Services Centre Expansion and the Quinte Consolidated Courthouse projects.
As part of the transaction, Forum also acquires the asset management rights to each project. The projects have a capital cost of approximately CAD$200 million which will be added to Forum's existing portfolio of assets under management.
Located in Surrey, British Columbia, the Surrey Pretrial Services Centre expansion project is a 139,930-square foot correctional facility that connects with an existing pretrial centre, making it the largest correctional facility in BC. The facility houses 216 high-security inmate cells and features renovations to the existing 149-cell pretrial centre.
The Quinte Consolidated Courthouse, located in downtown Belleville, Ontario, is a 171,446-square foot, six-storey complex that aims to rejuvenate the city's newly defined courthouse district. The facility includes ten courtrooms, one motions room, and five conference suites, as well as parking that will accommodate up to 275 vehicles. Morguard is a joint-venture partner on the project.
Richard Abboud, Founder and CEO of Forum, sated:
"These acquisitions represent a strategic opportunity to grow our Canadian public-private partnership portfolio and expand our relationships with key government clients. Brookfield has been a tremendous joint-venture partner on the Surrey Pretrial Project, and we look forward to working in partnership with Morguard on the Quinte Consolidated Courthouse Project."