2023-05-16 00:13:30
The Fonds de solidarité FTQ now owns 50% of Espace Montmorency, one of the largest real estate complexes bearing the Groupe Sélection signature, still in the process of financial restructuring.
Its real estate division made the announcement on Monday in the wake of a decision by the Superior Court of Quebec authorizing PriceWaterhouseCoppers (PwC) to sell Groupe Sélection’s 25% stake in the project.
Strengthened by this acquisition, the Fund thus becomes the largest owner of the residential and commercial complex still under construction, near Place Bell, in Laval, and clearly visible to motorists using the A-15 highway.
The amount of the transaction has not been officially revealed. In addition, the Montoni Group and Montez Corporation – owners of a 25% share each – would have chosen to retain their stake in the project.
Cogir takes over
Originally launched by the Fonds FTQ in 2015, the nearly half a billion dollar ($450 million) project was transformed when Groupe Sélection was added to the capital in 2019. , the commercial and office space project has been enriched with some 700 rental apartments.
The management of residential spaces, until then a responsibility of Groupe Sélection, has been entrusted to Cogir Immobilier. Tenants should expect to experience a transition period which might, according to the press release from the Fonds FTQ, span “a maximum of 30 days”.
Ultimately, Espace Montmorency should include four towers of 16 to 23 floors, 1.3 million sq. ft. for rent, including 500,000 sq. ft. of shops and offices, as well as a hotel, from the Courtyard par Marriott188 rooms
At the time of writing these lines, our questions to the Fund, formulated at the end of the day on Monday, had remained unanswered.
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