Cominar REIT
Cominar REIT
Complexe Jules-Dallaire 2820 Laurier Boulevard Suite 850 Québec, QC G1V 0C1
418 681-8151
Sector: Real Estate
Description
Cominar Real Estate Investment Trust is a publicly listed real estate investment trust and one of the largest commercial property manager and owner in Quebec, Canada.
It is as an unincorporated closed-ended investment trust listed on the Toronto Stock Exchange (TSX). The units trade under the symbol ‘CUF.UN’.
In 1965, Quebec-based entrepreneur Jules Dallaire founded Cominar as a development and construction company.
The company constructs Louisborg condominium tower in Quebec in 1973. The portfolio then comprises 1500 to 2500 units.
In 1986, Cominar constructed Place de la Cité, an integrated office and retail complex that now owns one million square feet of leasable space.
By 1998, Cominar claimed to have become a leader as a commercial real estate manager and owner in Quebec with over 3.1 million square feet of leasable area, 51 high-quality offices, retail and industrial properties.
In the same year, the founder rebrands the company as a real estate investment trust.
Following this, Cominar REIT acquired commercial real estate portfolio of Cominar and all the maintenance, administrative and leasing staff were transferred to the newly formed entity.
The company diversified its portfolio and entered the Montreal market in 2007. It acquired 19 office properties and 28 industrial spaces from Alexis Nihon REIT and its wholly owned subsidiaries following an agreement between Homburg Invest and Cominar. The company further acquired the co-ownership of seven industrial and flex properties as per the transaction.
The Canadian REIT entered the Atlantic Provinces in 2010 when it acquired Overland Realty Limited and 16 high-quality properties, covering an area of 600,000 square feet.
In addition, Cominar REIT acquired 18 new properties with a total leasable space of nearly 1.2 million square feet.
Cominar acquired all issued and outstanding units of Canmarc in 2011.
The company took over GR Capital Real Estate’s Canadian equity platform and added 69 diversified real estate properties to its portfolio.
The REIT firm presently owns 310 office buildings, industrial and retail properties covering 35.7 million square feet of area in Quebec and Ontario.
On April 6, 2021, the company's total leasable space was at 35.7 million square feet and over 3450 clients.
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