Richard Homburg, chief executive of Homburg Invest Inc. officially launched the second phase of construction at 333 Sherbrooke St. East, a major Montreal luxury condo project.
Investment pushes value of company’s Montreal portfolio to $1 billion
MONTREAL
Richard Homburg, chief executive of Homburg Invest Inc. officially launched the second phase of construction at 333 Sherbrooke St. East, a major Montreal luxury condo project. The $35 million second phase increases Homburg Invest’s total commitment to its Montreal portfolio to more than $1 billion over the past three years.
“We are extremely pleased with the market’s acceptance of 333 Sherbrooke Street, E., Homburg’s entry investment in the Montreal market,” said Homburg. “Phase I is effectively sold out, and Phase II sales have surpassed the critical level needed to ensure the success of the project. Once completed, 333 Sherbrooke St. E. will be a reference for luxury condominium living in downtown Montreal.”
The project consists of 83 units in Phase I, 67 units in Phase II, and 30 townhouses linked to the property. To date, the project has attracted buyers from all over Europe, the United States and Canada. Occupancy is set for autumn 2008.
Homburg was in Montreal to speak at the Montreal Real Estate Forum about his views as an international investor on Montreal real estate markets.
“The best is yet to come for property investment in the Montreal region,” he said, noting that Montreal real estate is undervalued compared to other cities in Canada and around the world.
“Location, location, location. Montreal is ideally situated as a major crossroads for European and North American trade and business,” Homburg said.
“Montreal possesses all the qualities of a major real estate market, from a large, well-educated population to a solid transportation infrastructure to a growing economy supported by healthy activity in several key sectors, like aerospace, life sciences and information technology. We encourage the current administration to continue with their intention to invest heavily in infrastructure and the construction of a rail line between the airport and Central Station.
“Major tourist events like the Grand Prix, the jazz festival and the comedy festival attract people from all over the world, who also come here to shop in the city’s highly developed shopping districts and eat in the City’s renowned restaurants.
“All of this money supports successful real estate development, and we strongly believe that the positive trends of the past few years will continue.”
Homburg Invest has been a leader among international investors in the Montreal market.
With the launch of Phase II of 333 Sherbrooke St. E., the company has now committed in excess of $1 billion to its Montreal portfolio, in just over three years. Landmark acquisitions have included Place Alexis Nihon as part of the $485 million Alexis Nihon REIT purchase; and the CN Central Station Complex for $355 million, with the CN headquarters leased back to the railway company on a long-term basis.
Homburg also has a partnership interest in the redevelopment of the historic Chateau Viger site.
Through these and other major properties, Homburg currently owns more than 1.5 million square feet of prime retail space in Montreal.
DCN News Services
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