Nicola Wealth acquired the Toronto-based former Blackwood Partners on Jan. 1, 2021 to increase its exposure to the institutional investment sector. Prior to the acquisition, Nicola had been focused mainly on high-net-worth individuals and families.
It had previously rebranded the firm as Nicola Blackwood Realty Partners in early 2023.
Nicola Institutional Realty Advisors' (NIRA) portfolio includes 12.9 million square feet of assets under management in Canada and the U.S., valued at approximately $2 billion.
It has been responsible for over 70 million square feet of leasing activity.
Bastin will join current managing director John Hayes in overseeing NIRA as part of what the firm calls “a strategic move in succession planning.”
Bastin has been with Nicola Wealth Real Estate since 2020.
"We are pleased to unveil our new identity as Nicola Institutional Realty Advisors and welcome Ron Bastin to our leadership team," Hayes said in the announcement Tuesday morning.
"This evolution represents our ongoing commitment to delivering exceptional services and insights to our clients as we continue to navigate the dynamic landscape of real estate investment."
Nicola Institutional Realty Advisors' services
NIRA provides a range of services including real estate investment advisory, asset management and transaction management services.
Nicola Institutional Realty Advisors caters to a wide range of clients, including Canadian pension funds, foreign investors, private investors and both public and private sector companies.
The firm retains its focus on institutional capital, with expertise in developing, acquiring, divesting, managing and leasing industrial, office and retail properties across Canada and the United States.
The alignment is designed to position NIRA as “a key player in the real estate investment landscape” the announcement states.
Nicola Wealth is a Vancouver-based investment and management firm with $14.9 billion of assets under management. It has seven offices across Canada and over 500 employees.