STF investing for the future with expansion
To support our long-term growth plans, the Saskatchewan Teachers’ Federation signed an agreement to purchase the TCU Financial Group building next door, at 2311 Arlington Avenue. This move will allow us to meet projected growth in Corporate Fund and Investment Services. Despite our best efforts to optimize space, we are close to outgrowing our current building.
Additional staff will be needed in Corporate Fund and Investment Services to help diversify and improve performance of our member investments, which are expected to exceed $11 billion within the next 10 years.
Recruiting qualified staff with professional expertise in this area is more cost effective over the long term than continuing to employ third-party consultants and costly asset managers.
It will also help ensure members are getting the biggest returns on their investments, while also keeping investment costs in check.
The Saskatchewan Teachers’ Retirement Plan is purchasing the TCU building as a real estate investment. The STRP will lease space back to the STF, who in turn will sublease 2,000 square feet to the existing tenants, which includes staff from the TCU, the Saskatoon Teachers’ Association and the Superannuated Teachers of Saskatchewan.
This lease payment will be re-invested back into the pension fund, making it a low-risk, long-term investment for members, while also supporting the Investment Services’ mandate to purchase commercial real estate as part of its diversification strategy.
We will be working closely with our partners on design plans to ensure a smooth transition of services. TCU plans to retain a small, kiosk-style branch within the building.
Final costs are unavailable as we just started the design and cost estimation phase; however, the STF will ensure costs are aligned with and comparable to similar-sized projects in the city.
We are excited by this opportunity to transform the newly acquired building into a modern and welcoming space for members to work, study and collaborate. Timelines may be subject to change; however, construction is anticipated to begin in fall 2018 and be completed by spring 2019, followed by a grand opening later that same year.
We will also be doing some renovations to the existing STF building to reconfigure the space vacated by staff moving into the new building.
As plans progress, information will be shared via MySTF, email and other communication channels. Questions and answers are available in the MySTF section of the Federation website when logged in. If you have additional questions about the expansion, please contact firstname.lastname@example.org.