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Fiera Capital to acquire remaining 45% interest in Fiera Properties

Fiera Capital Corp. has entered into a binding letter of intent to acquire from minority shareholders the remaining 45% interest in Fiera Properties Ltd. that it does not already own.

Total consideration will be C$32 million. The acquisition is expected to close before the end of 2017 and is subject to the approval of Fiera Capital's lenders and to other customary conditions, including approval of the Toronto Stock Exchange.

Fiera Capital expects the acquisition to be slightly accretive within the first full fiscal year following the close of the transaction.

Additionally, Fiera Capital appointed Peter Cuthbert president of Fiera Properties.

Previously, Cuthbert served as Fiera Properties' COO and lead fund manager of the Fiera Properties CORE Fund. He will continue overseeing management of the fund, as well as company management and operations.

Fiera Properties is a Canadian real estate investment management company with institutional and private clients. It has C$1.9 billion of assets under management as of Sept. 30.