December 4, 2023

The Queens County Citizen

Complete Canadian News World

Large number of layoffs to prepare for comminar sale

Large number of layoffs to prepare for comminar sale

The Cominar had to clean up its workforce in Quebec and Montreal before concluding the largest commercial real estate transaction in Quebec history since yesterday.

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These past weeks, Newspaper Spoke to employees who have been fired by the management of a real estate investment trust and have not received a job offer from either Canderell, Match Group or Blackstone.

While preferring to keep their names silent to prevent retaliation, some lament that the mock group did not capture the entire staff attached to the purchased buildings when promoting locations linked to these new assets.

Some of the redundant employees have good conditions and years of experience. One employee believes Cominar did not do enough to protect all of his soldiers in the transaction.

Said another worker Newspaper “After all these years” he was particularly “surprised” and “disappointed” by the way he acted. He said communication with some management members has been very difficult since December.

According to Cominar, “less than 10%” employees are notified of their termination of employment. They should receive financial compensation in the coming weeks and have access to the redistricting program.

Access to employee lists

As of December 31, the fund had 524 workers, 403 of whom were full-time.

Management estimates put the number of permanent layoffs at less than 40 in Quebec and Montreal. About 30 construction workers also returned to Labor Pools on Friday, run by the Commission de la Construction du Quebec.

The Cominar, however, declined to provide an exact figure on the number of employees affected. The fund said there have also been a number of voluntary exits in recent weeks.

As part of the transaction, Canderel, Groupe Mach and Blackstone Cominer will have access to employee lists, according to our information. Then they choose the people they want to keep.

Closed yesterday

In recent days, Cominar has gained the final authority needed to sell its industrial portfolio to Blackstone.

The whole transaction was completed yesterday. The fund’s units will be removed from the Toronto Stock Exchange by the close of trading on March 4.

As part of the acquisition, Group Match acquired 42 commercial properties and office buildings for $ 1.5 billion, including Place de la City in Quebec City and 2001 McGill College Avenue, 2001 McGill College Avenue in Montreal.

“We are proud to have hired nearly a hundred talented people to help us with these assets. I have to say we already have offices in Quebec, ”said Daniel Durand, Vice President of Marketing and Communications at the Group Match.

Condrell Group and its partners, Frontfor, Coach, Artis and Sandpiper placed other buildings.

The deal, valued at $ 5.7 billion, including debt, was approved by Quebec’s Superior Court before the holiday season. For the 2021 financial year, Cominar recorded a net loss of $ 195.3 million.

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