Dozens of Groupe Sélection projects and properties have begun to find takers in what appears to be the start of the dismantling of the Quebec giant of private seniors’ residences.
The Fonds immobilier FTQ, the American Blackstone, the Ontario Revera and many others have all shown their interest in buying back, in whole or in part, properties in the Groupe Sélection portfolio, still under the protection of the Act. on arrangements with companies’ creditors (CCAA).
Claims over one billion
In its fourth auditor’s report, PricewaterhouseCoopers (PwC) reports on the steps taken to date and its intention to launch a sale or investment solicitation process in the near future.
Remember that, crippled with debt, the company of businessman Réal Bouclin faces debts of more than a billion dollars.
sales and buyers
The Fonds FTQ has already raised its hand, among other things, to buy out the interests (50%) that Groupe Sélection holds in two components of District Union (Waltz and Yimby Hoop), as well as in the hotel, retail, office and residential portions. of the Espace Montmorency project in Laval.
For its part, the real estate fund Blackstone has confirmed to the controller its intention to cut all ties with Groupe Sélection. Blackstone will therefore buy out the 5% minority interest that Selection had retained in eleven of its buildings (3,200 housing units), following having sold them to it in 2021.
Ditto for Revera, the Ontario manager of residences for seniors. The company has already informed the PwC team of its intention to cut all ties with Sélection by acquiring all of its interests (25% to 50%) in the 25 residences (6,600 units) that it owns with him. .
The Districts des Brasseurs (Molson), Yimby I and II, Lokia, Mirabel and Gatineau La Cité projects will also be put up for sale.