SIREG Liquidity Problems Spill Into Property Operations
Liquidity problems at SIREG Management are spilling into an Ontario rental platform spanning apartment and townhouse properties in 21 communities.
SIREG operates alongside The Simple Investor, which says it has more than 1,800 investors and $1.3B in assets under management. Its rental portfolio stretches from Windsor and London to Peterborough, Brockville and North Bay, with SIREG handling tenants, rent collection, repairs and day-to-day management for investor-owned units.
The company has marketed its program on the basis that owners receive their monthly rent even when units are vacant. That structure came under pressure this month when SIREG told investors that “market and liquidity challenges” were affecting its ability to make timely rental payments.
SIREG also has direct real estate interests. At 700 Parkhill Rd. W. in Peterborough, it owns a 128-unit townhouse complex it is seeking to convert from a single rental property to condominium ownership, allowing the units to be sold individually to investors.
Peterborough council rejected the conversion in December, prompting an appeal to the Ontario Land Tribunal that remains active.
The financial strain has also begun surfacing in property operations. The Peterborough Examiner reported Sept. 27 that private garbage collection had been missed at Parkhill Place, leaving dumpsters overflowing.
Connect has not identified a formal insolvency proceeding or publicly disclosed lender enforcement involving SIREG. SIREG did not respond to a request for comment.
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