Dozens of group selection projects and properties have begun finding takers in what appears to be the start of a divestment of Quebec giant private seniors’ residences.
Fonds immobilier FTQ, American Blackstone, Ontario Revera and several others have expressed interest in repurchasing properties in Group Selection’s portfolio, in whole or in part, which are still protected by law on arrangements with the companies. Creditors (CCAA).
Claimed more than a billion
In the fourth auditor’s report, PricewaterhouseCoopers (PwC) reported on the actions taken to date and its intention to initiate a sale or investment solicitation process in the near future.
Remember that the debt-ridden businessman Real Boecklin’s company faces more than a billion dollars in debt.
Sales and buyers
Fonds FTQ has already reached out to acquire Group Selection’s interests (50%) in District Union (Waltz and Yimby Hoop), as well as hotel, retail, office and both segments. Residential components of the Espace Montmorency project in Laval.
For its part, the real estate fund confirmed to the comptroller its intention to sever all ties with Blackstone Group Selection. So Blackstone will buy the 5% minority interest it holds in a selection of its eleven buildings (3,200 housing units) after they sell them in 2021.
Ditto for Rivera, the Ontario manager of seniors’ residences. The company has already informed the PwC team of its intention to sever all ties with the option to acquire its interests (25% to 50%) in the 25 residences it owns (6,600 units).
The Districts des Brasseurs (Molson), Ymby I and II, Loquia, Mirabel and Gatineau la Cité projects will also be put up for sale.