Date de fermeture

3 août 2020

Bureau principal

Montréal

Valeur

20.00 Million(s) CAD

On August 2020, KingSett engaged in an acquisition financing for two industrial properties for C$20 Million. Montreal developer RoseFellow and its financial partners will invest about $100 million to acquire and develop two industrial sites in Pointe-Claire in Montreal’s West Island and in Montréal-Est.

The Pointe-Claire project, on Reverchon Avenue near Sources Boulevard, will be a 325,000-square-foot building with a clearance of 40 feet and between 5 and 10 per cent office space. The West Island’s proximity to major thoroughfares, Montreal-Trudeau International Airport and Canada Post and FedEx facilities makes it “a very in-demand region with very limited large-scale tracts of land”. In addition, vacancy rates for industrial space in the West Island are at three per cent and under two per cent in Pointe-Claire.

In Montréal-Est, where the vacancy rate for industrial space is below two per cent, RoseFellow plans to develop an industrial project of two 120,000-square-foot buildings with 32-feet clearance, about 10 per cent office space and communal loading facilities, on 510,253 square feet of vacant land, at the corner of Marien Avenue and Highway 40, not far from the Port of Montreal. A rebirth of new development in the area is predicted, given Government of Quebec and City of Montreal plans to invest $100 million to decontaminate and enhance industrial areas in the city’s east end.

KingSett Capital invests with institutional and ultra-high net worth investors in major Canadian markets.

McCarthy Tétrault LLT advised KingSett with a team led by Mary Pagonis.