Monday, November 28, 2022

Blackstone acquires two properties in Montreal

Blackstone acquires two properties in Montreal

With the acquisition of two buildings in Montreal, including the Air Canada Tower in downtown, Blackstone is consolidating its position in Canada.

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The transaction, which amounts to more than $ 230 million, thus enables the company to expand its partnership with Montreal Real Estate Corporation Kevric, which retains a stake in each asset and remains responsible for the management of the properties.

This transaction follows the acquisition, in 2021, of the 99 Atlantic complex in Toronto by Blackstone.

“Kevric is proud to count Blackstone among its partners. This partnership represents the growth of an important long-term business relationship with Blackstone, “said Richard Hylands, president of Kevric Real Estate Corporation, in a press release on Friday.

The first property involved in the transaction, 1100 Atwater, offers office space with breathtaking views of the city center.

In turn, the Air Canada Tower, the second building acquired by Blackstone, is mixed use and offers prestigious commercial and office space.

“This transaction reflects Blackstone’s continued growth in Canada, as well as our forward-looking vision for the demand for high-end, worker-friendly office space. Montreal is a thriving and dynamic market, and we are pleased to be the long-term owners of these high-quality assets, ”said Nadeem Meghji, Head of America Real Estate for Blackstone.

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