Winnipeg, November 26, 2023 - In a strategic move set to reshape the landscape of Winnipeg's real estate sector, Shindico Realty has finalized the acquisition of Akman Management. The transaction marks a significant expansion for Shindico, encompassing property management operations across multifamily apartment complexes and industrial sectors previously under the purview of the longstanding Akman Management.
Akman, a family-owned property management and development company with roots tracing back to Winnipeg in 1912, holds a revered legacy in the local real estate sphere. The deal includes the management of Akman’s owned and managed portfolio, totaling approximately 1.2 million square feet across 1,000 rental housing units and 18 class-A industrial assets.
A notable distinction of this acquisition is that Akman retains ownership of its properties, emphasizing a strategic focus on retaining their portfolio. However, Shindico President and CEO Sandy Shindleman emphasized, "We were able to buy equity interest in a couple of apartment buildings that they had."
This collaboration is no newcomer to shared ventures, with Shindleman highlighting a robust 40-year history of partnership in various assets. Expressing enthusiasm about the extended collaboration, Shindleman stated, "We’ve been partners with them for 40 years in other assets and we are happy, excited to continue that relationship."
One of the primary advantages, according to Shindleman, lies in integrating Akman’s seasoned staff into Shindico's operations. This integration, spearheaded by Shindico's Chief Operating Officer, Alex Akman, facilitates a seamless blending of talent and expertise. "Sometimes to get excellent people, it helps to do an acquisition. We liked what they were doing," Shindleman remarked, underlining the value of assimilating Akman's proficient team.
Contrary to merely absorbing Akman's properties into Shindico's management, Shindleman clarified that the approach is more integrated. "They are not coming here with their properties and managing them," he noted. Instead, the focus is on aligning operations to enable training on Shindico's properties. This strategic maneuver ensures a cohesive transition, where staff previously managing Akman’s properties will now receive training from existing Shindico teams, fostering a fully integrated system.
The amalgamation of Akman's workforce, comprising approximately 16 employees, propels Shindico's total staff count to around 60, signaling a significant bolstering of human resources within the company.
Expressing optimism about the future trajectory, Akman Management President Daniel Akman stated, "We are excited to continue our partnership and deepen our ties with Shindico Realty." He emphasized the importance of ensuring the welfare of staff and clients, foreseeing enhanced service, better pricing, and increased career opportunities resulting from this transition.
Although financial specifics of the transaction were not disclosed immediately, this alliance further solidifies Shindico Realty’s standing as a powerhouse in Manitoba's real estate sector. Founded in 1975, Shindico Realty has emerged as a premier commercial real estate entity, boasting a diverse portfolio spanning over eight million square feet of properties. Additionally, with 12 million square feet in its pipeline, the company's scope extends from shopping centers to class-A office spaces to multi-residential properties.
Notably, Shindico has recently expanded its horizons into the construction sector through the establishment of SNR Construction, diversifying its operations and fortifying its presence in the industry.