Ikigai Impact Round 3

Ikigai Impact was founded in August 2023, with origins tracing back to 2019 with the creation of Société Immobilière Fierbrooke. From the platform's inception, the founders transferred their entire personal real estate portfolio into Ikigai Impact and have continued to invest substantial personal capital in subsequent years — an alignment of interests now approaching $10M in co-investment. On July 1, 2025, Société Immobilière Fierbrooke and Ikigai Impact were consolidated under a single institutional platform, bringing together nearly six years of operations.

Round 3 marks the continuation of the platform's expansion outside of Quebec, targeting the strategic consolidation of the portfolio in Edmonton, Alberta — a market characterized by strong affordability, sustained residential demand, demographic growth among the highest in Canada, and price levels significantly below those of major Canadian centers. The strategy is grounded in operational optimization, the reduction of below-market rent gaps (7% to 12%), and disciplined capital structuring, rather than speculative appreciation. Ikigai Impact invests across three complementary strategies — development, value creation, and stabilization — with rigorous discipline focused on the internal growth of net operating income and asset value.

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• Permanent-Hold Structure Inspired by Berkshire Hathaway: Ikigai Impact is structured as a permanent-hold corporation, designed for perpetuity rather than for exit. The investor is not a temporary capital provider but a full shareholder, in perpetuity. This approach maximizes compounded portfolio growth across multiple decades while offering investors the ability to pass their shareholding to subsequent generations — a rare characteristic in the Canadian exempt market.
• Vertically Integrated Platform: More than 20 full-time professionals cover the entire real estate value chain: acquisition, development, construction, and management. This vertical integration eliminates operational frictions, captures margins typically outsourced to third parties, and enables the platform to execute its value creation thesis with institutional rigor, from initial sourcing through long-term asset stabilization.
• Execution-Driven Strategy: Value creation is grounded in operational optimization, expense reduction, and the closing of below-market rent gaps — not on market timing. Assets are selected based on identifiable operational inefficiencies (high expense ratios, below-market rents, suboptimal management), enabling internal NOI growth independent of market appreciation cycles.
• Attractive Entry into a Growth Market: The targeted expansion into Edmonton provides access to a market where price per unit remains significantly below those of major Canadian markets, in a context of demographic growth among the highest in the country, landlord-friendly provincial legislation, and structurally solid residential fundamentals. Round 3 targets the acquisition and stabilization of more than 1,000 additional multi-residential units in this market.
• Substantial Manager Alignment and Hybrid Capital Structure: Ikigai Impact's principals maintain a personal co-investment approaching $10M, reflecting meaningful skin in the game at every level of the structure. Round 3 is offered under a hybrid structure combining preferred shares for capital protection and common shares for participation in long-term growth — aligning investor interests with founder interests across the full holding horizon.

The Ikigai Impact platform currently owns more than 700 units, primarily located in Sherbrooke and Edmonton, totaling approximately $150M in assets under management. A development pipeline of more than 2,500 units, representing approximately $500M in value to be built, is currently in execution phase with maturities staggered over 18 to 36 months. The platform targets an annual acquisition objective of at least $100M in stabilized, already-built assets.

Round 3 funds two complementary strategic axes: (1) the consolidation and stabilization of more than 1,000 multi-residential units in Edmonton, Alberta, marking the continuation of the platform's pan-Canadian expansion; and (2) the launch of several structuring development projects in Sherbrooke reaching construction maturity within the next 18 to 36 months.

Consistent with the platform's permanent-hold philosophy, stabilized assets are refinanced rather than sold. This approach enables the progressive return of investor capital over a target horizon of 5 to 7 years, while retaining the entire portfolio under management for long-term growth in share value. From year 10 onward, a progressive redemption mechanism allows shareholders to partially or fully liquidate their participation according to their needs. As the portfolio reaches maturity, the platform aims to distribute an annual targeted dividend of 3% to 5% of net asset value, providing growing liquidity to shareholders choosing to remain in the company over the long term.