Cominar buys out 15 properties from Ivanhoe-Cambridge

Cominar buys out 15 properties from Ivanhoe-Cambridge

Quebec City (Quebec) 27 Aug, 2014 – Cominar is now Canada’s 3rd largest properties investment company after a recent purchase of 15 buildings and shopping centres from Ivanhoe-Cambridge.

Ivanhoe-Cambridge is the real estate division of La Caisse de Dépot et Placements du Québec.

Cominar is a private-public property investment company with its head office in Quebec City and started out as a small shopping centre in Charlesbourg, in 1965. The shopping centre was once named Dallaire, and was basically a grocery store with a great marketing strategy. The company was started by Jules Dallaire and is now run by one of his sons, Michel.

The new purchases include 10 shopping centres in smaller towns throughout Quebec plus 1 in Mississauga, 3 office buildings and 1 industrial outlet.

The new puchases include a prominent office building in downtown Toronto and the well known Delta Hotel building on boul. René Lévesque in Quebec City.

The total cost for the transaction was $1.5 billion, which is partly financed by La Caisse de Dépot itself.

Cominar now owns 541 different buildings across Canada, including shopping centres, office space and industrial park structures offering 45 million square feet of rental space in various different capacities.

In the province of Quebec they now own 44% of all office space and 18% of commercial floor space.

The total value of Cominar is $8.1 billion, which is impressive for a company that started out as a grocery store just under 50 years ago.

Cominar shares increased by 6 cents on the TSX upon the announcement.

Life in Québec staff writer

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