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Shindico Realty Inc. has expanded its significant presence in the Winnipeg commercial real estate sector by acquiring Akman Management, adding $320 million to its assets under management.
The transaction includes property management operations for Akman’s owned and managed portfolio in the multifamily apartment and industrial sectors. Akman is a family-owned property management and development company which was established in Winnipeg in 1912.
In addition to its property management business – about 1.2 million square feet across 1,000 rental housing units and 18 class-A industrial assets – Akman also owns a portion of the portfolio. Shindico president and CEO Sandy Shindleman told RENX Akman retains ownership of its properties, though "“we were able to buy equity interest in a couple of apartment buildings that they had."
“We’ve been partners with them for 40 years in other assets and we are happy, excited to continue that relationship.”
Shindleman said the biggest benefit of the transaction is to bring its experienced staff into Shindico's operations. The integration is being led by Shindico's chief operating officer Alex Akman, a member of the family which owned Akman Management and who has worked for the firm.
“Sometimes to get excellent people, it helps to do an acquisition. We liked what they were doing," Shindleman said. “We are integrating them into our operation.
"They are not coming here with their properties and managing them. We realigned all of it so we can train them on our properties. In other words someone who was managing it last week is going to show them how to do it next week, it’s fully integrated.”
Two companies have partnered in past
The addition of about 16 Akman staff brings Shindico's workforce to approximately 60.
“We are excited to continue our partnership and deepen our ties with Shindico Realty. It was important to us that our staff and clients be taken care of, and we know that everyone will be better off because of this transaction, whether it be via enhanced service, better pricing, or more career opportunities” Akman Management president Daniel Akman said in the announcement.
Financial details of the transaction were not immediately released.
Founded in 1975, Shindico Realty is a full-service commercial real estate company and one of the largest privately owned real estate firms in Manitoba.
Among its other activities, Shindico has developed over eight million square feet of properties, and has 12 million square feet in its pipeline. Shindico’s portfolio ranges from shopping centres to class-A office to multiresidential.
The firm also recently moved into the construction sector, opening SNR Construction.
EDITOR'S NOTE: This article was updated with quotes, additional information and clarifications provided by Shindleman in an interview after the original version was published.
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