TCU Development Corporation and Fiera Real Estate Announce Strategic Partnership for SOUL Ottawa Rental Development

​Institutional capital partnership advances 271-unit purpose-built rental project, marking the first real estate investment under Fiera Real Estate’s Canadian Built Opportunities Fund, with construction anticipated to begin in May 2026

Ottawa, ON – April 28, 2026 — TCU Development Corporation (“TCU”) is pleased to announce a partnership with Fiera Real Estate’s Canadian Built Opportunities Fund (“CBOF”) for the development of SOUL, a purpose-built rental community located in Ottawa’s Cyrville neighbourhood.

This partnership marks a significant milestone in the project’s development and reflects strong institutional confidence in Ottawa’s long-term market fundamentals.

“Strong partnerships and aligned teams are what drive successful projects and this one reflects that from day one”, said Mike Corneau, Co-Founder and CEO at TCU Development Corporation. “Partnering with Fiera Real Estate is a strong signal of both the quality of SOUL and the long-term fundamentals we see in Ottawa. This project is distinctly Canadian, from capital to expertise to trades and we’re ready to deliver.”

The partnership brings together TCU’s development expertise and integrated platform with Fiera Real Estate’s institutional investment capabilities. Fiera Real Estate — a wholly-owned subsidiary of Fiera Capital that manages over C$11.9 billion of commercial real estate globally — brings deep experience across urban multi-residential development in Canada. Together, TCU and Fiera Real Estate are building SOUL around a shared vision of vibrant, connected communities reflected in every element of the development’s design and programming.

SOUL is planned as a community-oriented rental development designed to meet the needs of today’s urban renter. The 21-storey development will feature 271 thoughtfully designed residential suites, complemented by a curated mix of amenities that promote connection, wellness, and convenience. The project will also include ground-floor retail space, contributing to an activated streetscape and enhancing day-to-day convenience for residents and the surrounding community. Residents will benefit from proximity to transit, employment hubs, and a growing mix of retail and services shaping the Cyrville area.

“SOUL represents an ideal inaugural investment for the Canadian Built Opportunities Fund — a well-located, purpose-built rental development delivered by an experienced local partner and built by Canadian union tradespeople,” said Pierre Pelletier, Senior Managing Director and Head of Development and Debt, Fiera Real Estate. “It demonstrates how institutional capital can generate long-term value for our investors while creating meaningful opportunities in the communities where we invest.”

The project also contributes to the broader transformation of Cyrville, an emerging urban node undergoing significant reinvestment and growth. The project is intended to complement ongoing neighbourhood development and provide additional rental housing supply within the area.

Construction is expected to begin in May 2026, marking the next phase in bringing SOUL to life.

About TCU Development Corporation

TCU Development Corporation is an Ottawa-based real estate investment and development firm focused on Class A, purpose-built rental housing. With a fully integrated platform spanning acquisition, financing, development, and asset management, TCU delivers high-quality multifamily communities designed for long-term performance.

Founded in 2010, the firm has grown into a leading multifamily platform in Ottawa, known for its disciplined execution and end-to-end oversight across the development lifecycle. Guided by a people-first philosophy, TCU creates community-oriented housing that enhances the resident experience while generating durable, risk-adjusted returns for investors.

Fiera Real Estate is a leading investment management company with offices in North America, Europe and Asia, and a team of over 100 employees. The firm manages over C$11.9 billion of commercial real estate globally through a range of funds and accounts as at December 31, 2025. The highly diverse nature of its portfolio – geographies and asset types – combined with a range of high-quality strategies provides investors with opportunities to diversify their exposure and customize their investment experience within the real estate asset class. Fiera Real Estate is wholly owned by Fiera Capital Corporation, a leading independent asset management firm with more than C$164.1 billion in assets under management as at December 31, 2025. fierarealestate.ca

Mirjana Opat
Marketing Manager
TCU Development Corporation
M.opat@tcudevcorp.com