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Vancouver-based Nicola Wealth is acquiring Blackwood Partners, a Toronto-based real estate investment and asset management company that serves private and institutional clients.

In a release on Monday, Nicola Wealth described the acquisition as a “strategic step” toward offering new real estate investments to high-net-worth clients.

“We are pleased to welcome Blackwood to the Nicola Wealth family,” Mark Hannah, managing director, Nicola Wealth Real Estate, said in a statement. “We have complementary regional, asset, and investment expertise to build a diversified product and service offering to meet the ever-changing demands of the marketplace.”

According to the release, both firms will maintain their business objectives and autonomy while working together to “identify synergies and opportunities to collaborate.”

Terms of the transaction were not disclosed.