"We still believe there is a place for third-party retail despite the growth of DTC, but the balance of power has clearly shifted to leading manufacturers."

The deal will include Sagard's acquisition of EverWest, a real estate investment management firm with approximately $3.8 billion in assets under management, from Lifeco.

The pandemic exposed the shortfalls of having disparate systems in place to communicate with investors.

Of those slated for construction, 42% are former office buildings.