MACH PURCHASES A SIGNIFICANT PORTION OF COMINAR'S PORTFOLIO
MACH announce the signing of an agreement to acquire 42 properties from the portfolio of Cominar Real Estate Investment Trust.
These properties represent approximately 9 million square feet of office and retail space and are located primarily in Montreal, Quebec City and Ottawa. This transaction is the largest to date for the group.
"We are proud to maintain this portfolio under the ownership of a Quebec-based enterprise. Our long-term asset ownership vision will support the growth and development opportunities of these properties while benefiting tenants, employees and collaborators," says Vincent Chiara, President and Founder of MACH.
Under agreements signed with several parties, including the Canderel consortium, MACH will become the sole owner and manager of the properties. "With this transaction, we reaffirm our confidence in the office market in major centres such as Montreal, Quebec City and Ottawa. In addition, we continue to focus on regional shopping centres as we see great potential in these assets," said Vincent Chiara.
MACH shall meet with the employees affected by the transaction and analyze the workforce that will be hired by the company. MACH intends to prioritize Cominar employees to strengthen its team. "Over the next few weeks, we will be working with the people at Cominar to facilitate the integration of the properties and employees. Our goal is to ensure the best possible transition for both the tenants of the properties and the employees who will be hired by MACH," said Vincent Chiara.
The transaction is expected to close in the first quarter of 2022, subject to approvals of Cominar's unitholders and the Quebec Superior Court, required regulatory approvals and customary closing conditions.Download PDF file