Montreal real estate company Condrell, with the help of several partners, has put together a big deal for the purchase of the Real Estate Investment Fund Cominer, one of the largest real estate acquisitions in Quebec.
The consortium, which includes Front Four, real estate investment fund Artis and the Sandpiper Group, has proposed to repurchase the shares of the owner of the largest commercial building in Quebec at $ 11.75 per unit.
Candrell specifically contracted to sell its industrial asset portfolio to Blackstone and some asset portfolio to Group Mac.
“The deal will bring significant benefits to key shareholders, including Kaminar’s tenants, a group of investors with resources and a long – term perspective from Candrell’s investment platform, led by Cubasers, and the ability to capture growth and development opportunities in communities.” Said in a press release.
The deal is valued at $ 5.7 billion and is expected to be completed in the first quarter of 2022, after regulatory approvals.
“Following the formal strategic analysis process, and based on the recommendation of the Board’s independent trustees, we are pleased to achieve the result that provides immediate value to our unitholders,” said Sylvain Cossett, Cominar President and Chief Executive Officer.
The board of trustees of the Cominar agreed to approve the agreement at a special meeting on December 21.
The Cominer portfolio is made up of 310 office, commercial and industrial buildings located in the Montreal, Quebec City and Ottawa areas.