While sales of homes over $1 million are dropping in Toronto, they are up 60% in Montreal
THE CANADIAN PRESS
Published on: September 19, 2017 | Last Updated: September 19, 2017 1:54 PM EDT
VANCOUVER — Montreal is emerging as a luxury real estate “hot spot,” while Vancouver and Toronto sales should pick up this fall after somewhat sluggish times, according to a new report.
Sotheby’s International Realty Canada’s rosy outlook comes despite a slew of policy changes, including some from Ottawa and a couple provincial governments designed to cool the country’s hot housing markets. However, Canada’s strong economic performance will boost the market in the coming months, says the real estate sales and marketing company.
“The psychological confidence that people had in the marketplace was shaken by all of the different factors that were put in there,” said Brad Henderson, CEO of Sotheby’s International Realty Canada, of a recent drop in sales in properties of more than $1 million in Toronto.
In July and August, sales of condominiums and houses over $1 million in Toronto fell 27 per cent compared to the same months the year before, according to the report. Transactions of properties over $4 million in the city fell by nearly the same amount — 28 per cent.
Part of that drop came as buyers and sellers in Ontario grappled with a new 15 per cent tax on foreign buyers of properties in the Greater Golden Horseshoe Region, which includes Toronto and several nearby areas, introduced by the provincial government in late April.
Ontario followed British Columbia’s footsteps in the policy. The B.C. government implemented a similar levy on foreign buyers in the Metro Vancouver area in August 2016, and the province experienced a drop in luxury property sales shortly thereafter.
In Vancouver, the report says, sales of luxury real estate over $1 million dropped 23 per cent in the first half of the year compared to 2016. But, sales increased five per cent during July and August, compared to the same months last year.
Sotheby’s anticipated the Toronto market would pull back not only due to the impact of its foreign buyers’ tax, but also because of a move to stricter lending rules by the federal government last year, and two recent hikes in the benchmark interest rate from the Bank of Canada.
While that tempered the psychological confidence in the Toronto market, Henderson said, it boosted people’s confidence in Quebec, where the provincial government has yet to intervene.
In Montreal, sales of condominiums and homes over $1 million jumped 60 per cent year over year this July and August.
Sotheby’s forecasts Montreal will “emerge as a strong leader on Canada’s luxury real estate landscape this fall,” according to the report.
Henderson rejects the idea that growth is primarily coming from foreign buyers who have shifted away from the newly-taxed Vancouver and Toronto markets. Though, the report cites some anecdotal evidence of “an uptick in interest from foreign buyers seeking residences.”
Instead, Montreal is an attractive place to live and work, Henderson said, with the added bonus of having comparatively less expensive real estate prices.
Sotheby’s also anticipates “a brisk and active” market for luxury real estate in Toronto this fall and for Vancouver to regain momentum as a strong Canadian economy is expected to boost confidence and performance in the autumn months.
In Calgary, the report says “tentative optimism is set to gain ground” as the city emerges from a recession.
Sources indicate the price range of the entire Main and Main portfolio could be $450 million to $550 million
Published on: September 20, 2017 | Last Updated: September 21, 2017 3:08 PM EDT
A collection of 19 key urban assets painstakingly put together since 2011 with the backing of one Canada’s largest retail landlords is now up for sale, the Financial Post has learned.
Exclusive listing documents show First Capital Realty Inc., the Toronto-based company with a market capitalization of almost $5 billion and one of the dominant retail landlords in Canada, and its partners, have hired real estate firm CBRE to sell what is being billed as “an exclusive urban retail and development” opportunity expected to be one of the larger prizes to hit the property market this year.
No firm details on potential pricing have been set, with the listing hitting the market this week. Officials with CBRE would not comment. Sources indicate the price range of the entire Main and Main portfolio would be $450 million to $550 million.
As Canadian retail landlords look to diversify to compensate for slowing in-store traffic and troubled retail tenants, a key question for the industry is whether First Capital and its competitors will move away from mixed-use developments, or, like RioCan Real Estate Investment Trust, embrace non-traditional use of their property to develop condominium high-rises.
“This was one of Dori (Segal’s) favourite deals he ever did, to get (Main and Main president) Rick (Iafelice),” said Alex Avery, a former real estate analyst for CIBC World Markets Inc., referring to the move by real estate heavyweight Segal, the long-time chief executive of First Capital, to get a stake in a separate investment arm for his company.
“This was (Segal’s) covert way of getting access to these properties,” said Avery. “You know if you go in (and buy) as First Capital, then the next guy who is next door finds out and wants a higher price. If you buy it through Main and Main and numbered companies you can probably get more cover and consolidate more land. That was the idea.”
Adam Paul, First Capital’s current chief executive, said his company is still very interested in the mixed use model for real estate development. “All five of First Capital’s current active large scale developments and our deep future pipeline are large scale mixed use properties in major urban markets,” he said, in an email. “One of our competitive advantages is our experience with mixed use projects which is the natural evolution for many of our existing assets. The synergies between retail and residential in particular are significant, if the projects are thoughtfully designed so we will continue to do more of them.”
Mr. Paul added when it comes to a slowing retail environment, First Capital is an outlier. “Given the urban location of First Capital’s portfolio and the robust demographics surrounding our properties that continue to see well above average growth in population density and household income, as well as the necessity based nature of our tenant base, the fundamentals for our portfolio have never been stronger,” he said.
The Main and Main portfolio is confined to Toronto and Ottawa but consists of 13 development properties, apart from six income properties, comprising 2.1 million square feet of potential development in 10.7 acres of land. The brochure for the portfolio boasts that it includes 16 hard corners and 5,574 square foot of frontage.
In its Sedar filings, First Capital says it has an interest in a Toronto and Ottawa urban development partnership (known as M+M Urban Realty LP (“Main and Main Urban Realty”) between the company, Main and Main Developments (which is itself a joint venture between the company and a private developer) and a prominent Canadian institutional investor.
The company’s annual report for 2016 notes the partners of Main and Main Urban Realty have all together put $320 million of equity capital for current and future growth and the development of the Main and Main Urban Realty portfolio, of which First Capital Realty’s direct and indirect commitment is approximately $167 million. As of December, 31, 2016, $120.3 million of that had been invested.
“Main and Main Developments was retained to provide asset and property management services for the real estate portfolio,” the report notes.
A source who has seen the listing said the entire company is really just a tribute to Main and Main president Rick Iafelice’s vision. “Not many people would have been able to aggregate something like he has done,” said the source. “The whole market is abuzz talking about this.”
The sale may not signal any change in strategy for First Capital because Main and Main was not the company’s core business, but only an investment.
“Really it’s a sweet spot to sell right now,” said Ross Moore, a senior vice-president with real estate tenant advisors Cresa. “But you know, we’ve said this before, that it was the top of the market, and then it got hotter.”
The portfolio could attract multiple players across the real estate spectrum from pension funds to real estate investment trusts, but the development nature of the listings probably means foreign players without expertise in the Canadian planning process would need local partners to get full value.
Think of it as the Uber of real estate — office sharing is growing in Canada in a cultural shift that the sector can no longer ignore
No matter how hard you look, you won’t find a new million-square-foot office tower on Toronto’s skyline, but the equivalent of that is there if you search closely enough below the horizon and have time to comb through 85 different locations across the city.
There, you’ll find a group of tenants that are neither building owners nor long-term leasers — the mainstays of commercial real estate. Instead, they are both startups and old economy companies such as banks looking for flexible space with flexible lease terms and a new type of atmosphere that doesn’t have cubicles and corner offices.
They are finding those terms in the growing shared space segment. It’s not a new concept — though Canada is a late adopter by global standards — but the Toronto market has almost doubled to one million square feet during the past two years, according to Cresa, a global commercial real estate company, based on what is publicly listed. Vancouver’s growth is similarly explosive with close to 750,000 square feet now in that market.
One of the behemoths of the industry, New York-based WeWork Inc. just opened up its first Toronto office building in the financial district over the summer and has plans to expand across Vancouver and Montreal, too.
WeWork has been valued as high as US$20 billion, with some estimates pegging it as the sixth-largest private property company in the world. Its chief executive said in an interview this summer that annual revenue is US$1 billion — and that’s without owning any actual real estate.
The shared-space model is a break from traditional real estate. WeWork and similar companies lease space from landlords and then effectively release it to what they call “members” — some committing to a specific space for a period of time and others just looking for the occasional free desk at various locations around the globe.
Cresa, which advised tenants on transactions totalling more than 50 million square feet in 2016, said most of the new companies in this niche industry joined in the past two years.
But companies such as WeWork and Regus — a Belgian company owned by IWG PLC that controls 50 per cent of the shared-space market in Canada — have been around for years.
“(Demand) has been driven by a rise in entrepreneurship, a rise in design industries. It’s just a change in workplace industries evolving,” said Sheldon DiCarmine Dobsi, a research analyst in Cresa’s Toronto office.
Some chalk up the growth to the shared economy model in which individuals are able to borrow or rent assets owned by someone else.
“The concept has been around maybe 30 years,” said Ross Moore, a senior vice-president at Cresa, based in Vancouver.
Although individual deals are smaller, Moore said half his calls now come from clients looking for shared space. “The shared-space market could eventually be 20 per cent of all (downtown office) real estate,” he said.
That level would be a far cry from today’s market. Toronto’s office market has about 150 million square feet of space so the one million taken up by shared-space arrangements doesn’t amount to one per cent of the market. The Vancouver market is 60 million square feet so the presence there is almost negligible, too.
(Demand) has been driven by a rise in entrepreneurship, a rise in design industries. It’s just a change in workplace industries evolving
But shared space is growing. Moore said a percentage of WeWork’s revenue comes from Fortune 500 companies. WeWork has even signed a major financial institution — it won’t say who — to take a chunk of space at its Richmond Street location near Toronto’s financial district.
WeWork’s first Toronto office, but second in Canada — it opened in Montreal about 18 months ago — is a restored six-floor brick building designed to bring lots of natural light in for members that use the location’s 1,000 desks.
There are immediate plans to open another building at Bloor and Yonge streets at the crossroads of the city’s two major subway lines.
“Toronto has this strong dynamic economy and a strong sense of local identity and it feels like a place where there is an opportunity to introduce this platform,” said Dave McLaughlin, general manager for WeWork East, which overseas eight different markets in the United States and Canada.
“The WeWork customer base is very heterogeneous. It encompasses the sole app developer trying to test something in the market and extends to Fortune 500 companies.”
The company’s selling point is that it allows for collaborations that actually deliver business to its member tenants, who get to participate in special on-site social nights and meet others in a lounge area that includes cold drinks and coffee to free beer on tap.
We are super bullish. Toronto, in the first building, opened at 100 per cent (capacity)
“You put a bunch of 20-something software developers together, there is value, but if you put them with service businesses and insurance or professional services along with people with businesses that started in, say, a different country, the network effect is much bigger,” McLaughlin said.
WeWork even goes to the extreme of making its hallways narrow enough that people have to “bump into each other,” thereby making social contact in some way, he said.
The company said a global survey it conducted showed that 70 per cent of its members say they collaborated with another WeWork member and 50 per cent did a transaction with another member.
McLaughlin said there are several reasons why even a bank would sign a lease for a location within walking distance of its head office.
“It could be a team that wants to be located in a different space and different culture. They might be thinking of the next generation of the business,” he said, adding some clients want access to the 130,000 WeWork members or just access to a community that might include a future client.
A basic WeWork membership is US$45 per month, which allows members to book space à la carte. A hot desk, which is guaranteed workspace in a common area at one location, starts at $275 per month while dedicated space, starting at $350/month, gives you a desk of your own in a shared space at one location and allows you to set up in the same spot each day.
Cresa said the average price of a dedicated shared space desk in Toronto is $483 per month and $288 for a hot desk. In Vancouver, that dedicated desk is $416 per month per user or $282 for a hot desk.
The company estimates those figures might be as much as 50-per-cent more expensive on a square-foot basis than traditional space, but that’s the price of flexibility.
“We are super bullish. Toronto, in the first building, opened at 100 per cent (capacity) and we have strong demand on the second building and it doesn’t open until the beginning of (2018),” said McLaughlin, whose company has about 10 million square feet under lease worldwide. “We think (Toronto) is a place we can grow a sizeable presence. It could be 10 times where we are already.”
Landlords in Canada are clearly watching the development of shared space, but it’s not like anybody is shaking in their boots. Many of them are more than happy to sign a long-term lease with a company such as WeWork or Regus and let them deal with finding tenants.
“This type of use has existed over the years. We have always had executive offices somebody has tried to operate,” said Paul Finkbeiner, chief executive of GWL Realty Advisors, which has 19 million square feet in office space and is one of the country’s major landlords.
“It may be they are just another tenant. In some cases, you might get more wear and tear because other people’s tenants are not your tenants,” he added. “It depends how many people they put in their space.”
Landlords, however, rarely want to get involved in smaller leases, so shared-space companies solve a potential headache for them.
“Do we really want to do 50 2,000-square-foot lease deals?” asked Finkbeiner, who has his doubts about whether the model is going to really take off. “This is not the saviour of the real estate industry and you have to be thoughtful when you put them in your building”
Finkbeiner also points out that larger clients such as the banks are always going to need space.
Wayne Berger, an executive vice-president at Regus, which was founded in 1989, and country manager for Canada, where the company has been in place since 2001, said it now has 102 locations across the country.
“I’ve never seen the industry have more relevance and excitement in the media, as well as in the eyes of VPs of real estate, startups and organizations,” said Berger, whose company continues to offer more traditional office space as well. “It’s just shifting with the workforce. I think the industry is early stage embryonic.”
Berger said data show that 47 per cent of Canadian workers are already working remotely for half the week. Two years ago, the most popular alternative to the office was a home office or a flexible workspace that was sometimes a business office, but more often than not just a cafe.
“You’d walk into a cafe and see individuals working remotely,” said Berger, who maintains workers are essentially social so they are gravitating back to a more formal sort of shared space.
James McKellar, an expert in real estate and infrastructure and a professor at York University’s Schulich School of Business in Toronto, doesn’t believe shared space will eliminate the traditional model for office leasing, but there is a cultural shift happening in the marketplace that the office sector can’t ignore.
“For the past decade, we had a culture where people said, ‘If I need it, I’ll buy it,’ and now we are saying, ‘I need to use it, but I don’t need to own it,’” said McKellar, adding that a long-term lease is the equivalent of “owning” a space. “It’s an age thing: older people don’t get it and younger people do.”
WeWork feels how people deal with their space needs is changing for the long term.
“It’s like so many things in our life that we used to purchase in one package and now purchase in a different package. We used to buy albums and now we stream songs. We used to buy a car and now you call an Uber,” McLaughlin said. “Our biggest competition is a past notion of work and work needs and how people think about these needs.”
Published on: September 12, 2017 | Last Updated: September 12, 2017 6:29 PM EDT
By the end of the year, more than 11 million tourists will have spent $3.6 billion in the Montreal region, according to an estimate prepared by the Conference Board of Canada for Tourisme Montreal released on Tuesday.
“It was a marvellous year, the best since Expo 67,” said Pierre Bellerose, the vice-president of the non-profit tourism promotion agency.
The agency said tourism numbers were up across the board — with more people crossing the border from the United States and an increase in airline passenger traffic. In total, Tourisme Montreal said the number of international visitors to the city was up by six per cent.
“We have overall growth from all destinations, we have growth from specific markets, like the Mexican market and the Chinese market, and growth for a lot of our attractions and festivals,” Bellerose said.
The agency says the number of visitors from Mexico rose by 119.3 per cent, while the number of visitors from China was up 32.1 per cent.
Bellerose credited the increase in Mexican visitors to the federal government dropping a visa requirement last December, but he said some Mexican travellers may be looking farther north as a result of U.S. politics.
“I think the first reason is the visa, but I have to agree that the political situation in the States helps Canada in general,” he said.
While the city’s 375th anniversary played a role in increasing tourism, Yves Lalumière, the president and CEO of Tourisme Montreal, said only one in three visitors to Montreal this year were aware of the anniversary and its associated events before they arrived.
Tourisme Montreal says the $3.6 billion in tourist spending is an increase of 9.9 per cent when compared with last year. However, in March, when the agency reported final tourism numbers for 2016, it said tourists spent $3.3 billion in Montreal that year. That’s a difference of 9.09 per cent.
When asked to clarify the apparent discrepancy, Andrée-Anne Pelletier, the manager of corporate public relations at Tourisme Montreal, would only say that its “forecasts evolve constantly throughout the year.”
Bellerose said the increase in tourist spending was largely because of an increase in hotel prices, along with an increase in the overall number of tourists.
In 2016, 10.2 million tourists visited Montreal, according to Tourisme Montreal, up from 9.6 million the year before.
The agency is forecasting a small increase in the number of tourists for 2018.
“We know that we’ll have a lot of conventions,” Bellerose said, crediting that to the city’s strong economy.
While the number of visitors in town for the Formula One rose 15 per cent, Lalumière said the agency didn’t have any information about the tourism impact for the Formula E electric car race.
The city is also seeing an increase in the number of cruise ships docking in the city. A new cruise terminal opened this summer.
Cruise ship traffic is forecast to rise 20 per cent in 2017 and between 15 and 20 per cent next year, Bellerose said.
The United States remains the No. 1 country of origin for tourists to Montreal.
A strong local economy which has seen employment growth of over 8% over the last year in the Montreal area has had a positive impact on the commercial real estate market as well as many other of the Montreal area economic indicators. Growth in employment in such sectors as information technologies, health science and professional services as well as the substantial investment in many major infrastructure projects have contributed to a solid 2% increase in the GDP and the lowest unemployment rate in over thirty years.
The real estate market continues to benefit from the very low interest rate environment and coupled with the economic growth the effect has been positive on both the industrial and office markets who have both seen vacancies decrease and values remain very strong. The residential market has also benefited from the aforementioned positive indicators and the outlook remains one of optimism for the balance of this year and moving into 2018.
Fonds immobilier de solidarité FTQ and Fondaction are partnering with Devimco. A Marriott Courtyard hotel will be built there.
BROSSARD, QC, Aug. 25, 2017 /CNW Telbec/ – Devimco Immobilier today revealed the names of its partners in the SOLAR UNIQUARTIER project and announced that this “the South Shore’s new downtown,” regarded as Québec’s biggest mixed-use real estate project, now accounts for an investment of $1.3 billion, or $300 million more than the initial estimate.
These details and many others were revealed by Serge Goulet, President of Devimco Immobilier, at the groundbreaking ceremony for Phase 1 of the project, which was also attended by Gaétan Barrette, Member of the National Assembly for La Pinière riding and Québec Minister of Health and Social Services; Paul Leduc, Mayor of the City of Brossard; Normand Bélanger, President and CEO of Fonds immobilier de solidarité FTQ; and Léopold Beaulieu, President and CEO of Fondaction.
Mr. Goulet also revealed that the Marriott Courtyard chain will build a 184-room hotel in the first phase. Clients of this hotel, to be managed by Groupe Lixi, will have access to a conference centre with four multi-function rooms boasting a capacity of more than 1,000 people.
An agency in the Careers network of iA Financial Group will occupy one floor of the Place de la Gare tower in late summer 2018 and will officially open its offices at the end of the same year. Some 120 employees and representatives of iA Financial Group will work in the new neighbourhood. Other agreements with equally prestigious companies will be signed in the coming weeks.
Phase 1 of SOLAR UNIQUARTIER will include all the functions of mixed-use real estate, with residential, commercial and office space. Devimco Immobilier will erect the highest tower ever built on Montréal’s South Shore. And, for the first time in the Montréal suburbs, truly urban condominiums will be available.
SOLAR UNIQUARTIER meets the criteria laid out in the Plan métropolitain d’aménagement et de développement(Metropolitan Land-Use and Development Plan—PMAD) from the Communauté métropolitaine de Montréal with respect to sustainable development of the territory through densification and mixed uses in areas with easy access to public transit and active transportation. “Better yet, our project’s densification exceeds the PMAD’s criteria by 60%,” Mr. Goulet noted.
“The buildable area in the first phase of our new project will be 650,000 square feet,” he said. “The project’s innovative concept will bring future residents, workers and consumers together in a multi-use neighbourhood, giving the community the opportunity to live, work and play in the same place. The mixed-use concept will be applied starting in the first phase.” Mr. Goulet added that work on the first phase has already begun.
Mr. Bélanger of Fonds immobilier de solidarité FTQ stated: “SOLAR UNIQUARTIER will offer citizens an amalgam of complementary components to help create a true community. We are proud to be associated with this most formative project for the South Shore of Montréal, with an investment that will support the creation of nearly 2,000 direct and indirect jobs.”
Mr. Beaulieu of Fondaction added: “We are pleased to be a partner in an original and innovative initiative that is at the leading edge of sustainable development. This mixed real estate project, with its encouragement of public transit and of neighbourhood services in an eco-district, will have clear social benefits while helping fight climate change and supporting the region’s economic development, in particular through job creation.”
An integrated approach Located at the northeast corner of the junction of Highways 30 and 10, SOLAR UNIQUARTIER offers a dynamic, integrated and well-thought-out approach. The project will include:
2,600 housing units ;
The first phase will be the tallest residential tower on the South Shore, offering 245 rental units, each equipped with the same luxurious finishings normally reserved for downtown Montreal apartments; there will also be a 125-unit condominium tower ;
A broad expanse of green parkland covering more than 130,000 square feet ;
1,2 million square feet of commercial and office space ;
Two hotels, a conference centre and a European-inspired sports, health and recreation complex ;
A dynamic public square facing the future Du Quartier light rail station.
“Foodies,” a new concept from Jacques Nantel Mr. Goulet also announced that an ambience-filled street forming part of SOLAR UNIQUARTIER will be the scene of Québec’s biggest space for foodies. In partnership with Jacques Nantel, Professor Emeritus at HEC Montréal, Devimco Immobilier has developed a new, typically Québécois concept devoted exclusively to Québec fine foods. Based on Quebecers’ gastronomic preferences and on major global trends, Devimco will promote home-grown items, organic foods and local products to be made available in the project’s micro-boutiques.
Light rail station and contribution from the City of Brossard SOLAR UNIQUARTIER will become the very first TOD (transit-oriented development) project revolving around the Réseau électrique métropolitain, Montréal’s future light-rail network. It will also be the only residential project linked indoors to a light-rail station (Du Quartier station). The project’s occupants will be able to reach downtown Montréal in 10 minutes, more quickly than residents of many neighbourhoods on the Island of Montréal.
Moreover, the City of Brossard will undertake a major infrastructure project to deal with recurring traffic problems. The municipal work includes the broadening and extension of Boulevard du Quartier with the building an overpass above Highway 10 that will include a covered pedestrian and bicycle passageway as well as a ramp providing access to Highway 10.
“The City of Brossard’s contribution to the design and completion of our project has been outstanding,” Mr. Goulet said. “I want to thank Mayor Paul Leduc and his administrative team for believing in the development of this new area in the municipality and devoting the great energy required by a project of this scope.”
Mr. Goulet added that the City of Brossard has innovated by bringing sustainable development criteria into its approval process, standards that must be met by SOLAR UNIQUARTIER. Accordingly, Devimco Immobilier will establish an energy loop that will enable the sharing of energy between the project’s various buildings.
Truly urban condos Truly urban condos will be built for the first time ever in a Montréal suburb. All of the SOLAR UNIQUARTIER condo projects will have the following features: towers rising 10 to 20 storeys, made of concrete (no more wood and brick!) and providing top-quality soundproofing, indoor parking spaces, as in downtown Montréal, and extensive common spaces.
Called “Magellan Condos,” the first condominium tower in the initial phase will have more than 125 units. Construction is already under way. The Magellan project will offer units of one to three bedrooms, and penthouses will be available. The common areas will include a gymnasium, rooftop pool, roof terrace and lounge. Each condominium will have abundant windows, using the full potential of natural light and providing choice views of the vast SOLAR UNIQUARTIER park. To be launched this fall: www.magellancondos.com
An innovative model and a profusion of green spaces In addition to its large central park the size of more than two football fields that will provide the district with a true “green lung,” the project will be decisively focused on active transportation, with major consideration given to pedestrians and cyclists. A bicycle path and a walkway nearly three kilometres long will cross the site, leading people to the Place de la Gare and various modes of public transit.
“We are applying all the TOD principles with this project,” Mr. Goulet said. “The future neighbourhood is designed in keeping with innovative planning practices, promoting sustainable development and an environmentally responsible approach, with green spaces playing a central role in the project.” www.solaruniquartier.com
About Devimco Immobilier Devimco Immobilier is a Québec real estate development leader that stands out for the creation and execution of large real estate projects, in particular lifestyle and TOD (transit-oriented development) complexes that combine commercial, business, leisure and housing components. The company’s real estate projects are noteworthy for producing unique living environments that take the needs of the people in the community into account. It was the first real estate company in the country to develop a lifestyle complex, with Quartier DIX30TM.
Since 2005, in Griffintown, Devimco Immobilier has been building and expanding the District GriffinTM project, a living environment where the entire social fabric of a true community will be represented. Moreover, in 2017, it launched its Square Children’s project on the site of the former Montreal Children’s Hospital, bringing a major community centre and social housing onto the site as well as developing new green spaces and restoring the site’s oldest building. www.devimco.com
About Fonds immobilier de solidarité FTQ Created in 1991, the Fonds immobilier de solidarité FTQ promotes economic growth and employment in Québec by strategically investing in profitable and socially responsible real estate projects in partnership with other industry leaders. The Fonds immobilier backs residential, office, commercial, institutional and industrial projects of all sizes across Québec. At May 31, 2017, the Fonds immobilier had 49 projects in progress, 45 properties under management, 14 million ft2 of land and $59 million invested in affordable, social and community housing. The Fonds immobilier is a member of the Canada Green Building Council. www.fondsimmobilierftq.com
About Fondaction Fondaction invests in Québec SMEs to help maintain and create jobs in Québec based on principles of sustainable development. It manages more than $1.7 billion in assets drawn from the retirement savings of more than 137,000 shareholders. Through its investments and commitments, either directly or through partner or specialized funds, Fondaction supports the development of more thaan 1,200 SMEs, including many social economy enterprises, that make a distinctive contribution to Québec’s economic, social and environmental development. http://www.fondaction.com
SOURCE Devimco Immobilier
For further information: Viviane Ross, 514 843-2318, email@example.com