Posted : November 23, 2021
In one of the largest commercial real estate takeovers in Canada so far this year, Canderel Real Estate recently announced a $5.7-billion deal to buy Cominar Real Estate Investment Trust (REIT), based in Quebec City. The move by the Montreal consortium shows confidence in a return to bricks-and-mortar shopping. While growth in online shopping is likely to continue over the long term, real estate and retail analysts also see signs that people want to go to stores in person as well. Under the deal, expected to be completed in early 2022, some of Cominar’s assets, which total 310 buildings with 35.7 million square feet of space, will be resold to other companies. Much of the resold property is in industrial or office space. "When people say bricks-and-mortar shopping is dead, I have a hard time agreeing with that." — Luciano D’Iorio, regional president, Quebec, CDN Global
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