MONTREAL—Canderel Real Estate Property Inc., a Québec‑based owner, manager and developer of real estate, recently announced Iris Acquisition II LP, a Québec-headquartered entity created by a Canderel-led consortium, has entered into an arrangement to acquire Cominar Real Estate Investment Trust.
The transaction is subject to receipt of Cominar unitholder and court approvals, required regulatory approvals and customary closing conditions, and is expected to be completed in the first quarter of 2022.
Cominar plans to sell its industrial portfolio to Blackstone and a portfolio comprised of certain retail and office assets to Groupe Mach, states a release, adding the remaining assets the Canderel Consortium will retain include retail and office properties and development opportunities in Montreal, Ottawa and Québec City.
The Canderel Consortium also includes FrontFour Capital Group LLC, Artis Real Estate Investment Trust and partnerships managed by the Sandpiper Group. In addition, Koch Real Estate Investments, LLC, Artis and Sandpiper are providing preferred equity for the transaction.
“This transaction will provide significant benefits to key stakeholders, including tenants of Cominar, by leveraging the resources of the Canderel platform and a Québec-led group of investors with a long-term perspective to unlock opportunities for growth and development in the communities where Cominar operates,” said Brett Miller, CEO of Canderel in a statement.