Concrete investors protest downtown
Investors picketed the downtown headquarters of Concrete Equities, a real estate investment firm, on Monday.
They want the public to know about the fight they're having with the company over control of several commercial buildings.
Investors say the portfolio is worth about $300 million and includes buildings leased by tenants like SNC-Lavalin and Worley Parsons as well as Concrete Equities Place, the site of Monday's picket.
Concrete Equities buys commercial real estate then sells limited partnership interests as investments and manages the properties as general partner.
The trouble started in March when Concrete Equites, as general partner, asked the limited partners to sell all of their real estate to a new company in exchange for company shares.
The limited partners didn't bite and they say they then ousted concrete as general partner in 3 of the 5 partnerships but Concrete did not cede control and instead filed papers in bankruptcy court asking that a receiver be appointed.
Now investors can only watch as this drama plays out in court.
Vincenzo De Palma, President of Concrete Equities, says Concrete Equities understands the investors concerns and that the company has a new management team whose sole purpose is to ensure stakeholder value and investor returns.
