Calgary-based Coril Holdings Group is well on its way to creating a cross-Canada property management and advisory firm.
In mid-October, Coril announced that it had agreed to acquire Redcliff Realty Group from its parent company Osmington Inc. The Redcliff deal follows a similar purchase in June when it bought Tonko Realty Advisors of Calgary.
“We saw an opportunity to develop an independent, sort of national platform and when Redcliff became available to us we saw the opportunity to combine them with our Tonko operations and create a brand that will be known across the country,” said Larry Shelley, Coril's President and Chief Executive.
“What we are trying to do is build a company that is completely client focused in the property management and advisory business working strictly on the behalf of our clients and everything we do is about enhancing our value proposition to them,” he said. Shelley added that the merged entity has a book of “well-established clients and we intend to build on those relationships.”
The combined Redcliff/Tonko group has approximately 850 employees mainly in Toronto and Calgary with a portfolio of more than 56 million square feet of assets under management that has a combined asset value of approximately $9 billion.
Big enough, Shelley said, to climb to a top three position in the property management space in terms of assets under management and square footage managed.
Coril Holdings said that Peter Cohos (formerly Managing Director of Tonko) has been named Chief Executive Officer of the combined Redcliff/Tonko operation while Robert Proud (formerly Executive Vice-President of Tonko) will be Chief Operating Officer. It was also announced that William Briscoe has been made Chief Investment Officer and Mr. Sam Schembri has been named Chief Financial Officer.
Coril’s Mr. Shelley refused to say anything about the privately owned Coril Holdings beyond the fact that the company can trace its asset base and construction and development roots in Canada back more than 113 years. What is soon obvious is that Coril is huge, with “diverse assets and business interests throughout the Americas in railroad maintenance, mining, real estate ownership and development, corporate and private health & wellness and equity investments.”
A quick Internet search discovered that Coril can trace its roots back to Calgary business legend Frederick Charles Mannix, who played a major role in the building of much of Canada’s infrastructure (highways, pipelines, mines, dams, railways and airports) through the middle part of the last century.
According to his Calgary Business Hall of Fame entry, Mannix passed his business empire to his two sons, Frederick and Ronald in the 1970s and each now have their own operating companies. Ronald head Coril Holdings as chairman while he brother is the head of Mancal Corporation.