MONTREAL – A group of institutional investors, including the Healthcare of Ontario Pension Plan, have acquired Liberty Business Park in the Montreal suburb of Saint-Laurent for an undisclosed price.
Besides HOOPP, the investors include Forgestone Capital and Canderel, which has been appointed property manager of the 27 building, 1.7-million-square-foot portfolio which will be renamed NEXUS 40-13 International Business Centre.
The site is currently home to more than a dozen, high-profile tenants including Telus (TSX:T), Canon, Xerox, Nike, ABB, Abbott, AbbVie, Kraft, Siemens, GN Johnston, Carrier, Alstom, Johnson & Johnson, Valeant (TSX:VRX) and Shire.
Besides the park’s existing office and industrial space, it also has development land with high visibility and easy access to major transportation links, including Pierre Elliott Trudeau International Airport.
“This significant joint venture investment by highly recognized and respected institutional investors signals a renewed confidence in Quebec’s economy,” said Canderel chairman and CEO Jonathan Wener.
“Canderel is proud to be at the centre of this revival,” added Wener, whose company noted that the acquisition will bring its total management portfolio to approximately 20 million square feet in North America.