Castle’s Role Within Calnan Real Estate Group
Castle Real Estate Investment Fund is an open-ended mutual fund trust, to be formed under the laws of Alberta and managed by Calnan Asset Management (CAM). It is a separate issuer from CORE Investment Fund. Castle’s mandate is delivered primarily through debt and equity interests in CORE, a related partnership that holds and operates income-producing multifamily property in Western Canada. Castle does not, as a matter of current strategy, acquire property directly.
The relationship between Castle, its manager and CORE creates a conflict of interest that Castle’s governance framework is designed to manage, not eliminate. Related-party matters are subject to independent trustee review against a written best-interests standard. Castle’s trustees include Matt Calnan, Managing Director of CAM, and Dale Leier, Vice President, Capital Markets.
Units will be offered only by offering memorandum, through registered exempt market dealers, to eligible investors in every Canadian province and territory except Quebec. Castle is structured with the intention of qualifying as a mutual fund trust under the Income Tax Act (Canada); qualification has not yet been achieved.
What Castle Is Built On
One position, a whole platform
A single, professionally managed position in an income-producing Western Canadian multifamily platform, delivered primarily through debt and equity interests in CORE.
Operated, not outsourced
Castle is to be managed by Calnan Asset Management — the same team that operates the multifamily platform Castle finances.
Liquidity with rules
Quarterly redemption windows on 45 days’ notice at 100% of class net asset value, subject to fund-level limits. Units are a long-term, illiquid investment.
Not an offer to sell or a solicitation. Units will be offered only by offering memorandum, through registered exempt market dealers, to eligible investors. Units are illiquid; neither capital nor any distribution is guaranteed. Registered-plan eligibility depends on qualification as a mutual fund trust, which has not yet been achieved. Nothing on this page is investment, tax or legal advice.