QUEBEC CITY, Oct. 7 /CNW Telbec/ - Industrial Alliance Insurance and
Financial Services Inc. is pleased to announce that it has acquired a 50%
interest in the company Edifice 1981 McGill College Inc., owner of the
building of the same name, in conjunction with a major financial partner that
acquired the other 50%.
1981 McGill College is a class A building made up of two connecting
16-storey and 20-storey office towers. Constructed in 1981, the building has
more than 625,000 square feet of rental space and is located on one of
Montreal's most prestigious streets, in the heart of the business district.
The Company's investment is worth some $100 million. Industrial Alliance will
manage the building.
"This building presents a unique combination of first-class asset,
unparalleled location and institutional grade tenancies in a market which
boasts strong fundamentals," stated Claude Tessier, Vice-President, Real
Estate Investments. In addition to being an excellent long-term investment for
Industrial Alliance, this acquisition diversifies our investment portfolio
geographically and by asset category, in addition to enhancing our presence in
the heart of Montreal."
This acquisition increases the number of buildings that Industrial
Alliance owns in Canada to 28, with a total rental space of 4 million square
feet and a market value of some $600 million. Industrial Alliance owns several
prestigious buildings in the Montreal region, including the Tour
L'Industrielle-Vie and 2200 McGill College, two office buildings across from
1981 McGill College; 680 Sherbrooke West, an office building adjacent to
McGill University; the Carrefour Industrielle Alliance, a commercial building
located on Sainte-Catherine Street, home to the renowned Maison Simons and a
Famous Players Cineplex; Tour A de Place Val-des-Arbres, an office building
located on Saint-Martin Boulevard East, in Laval; and 1611 Crémazie, an office
building located at the corner of Crémazie Boulevard and Papineau Avenue, near
the Métropolitaine freeway. Industrial Alliance is also developing a new real
estate project on the land adjacent to 1611 Crémazie, at 1601-1605 Crémazie.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services
Inc. is a life and health insurance company that offers a wide range of life
and health insurance products, savings and retirement plans, RRSPs, mutual and
segregated funds, securities, auto and home insurance, mortgage loans and
other financial products and services. The fourth largest life and health
insurance company in Canada, Industrial Alliance is at the head of a large
financial group, which has operations across Canada, as well as in the Western
United States. Industrial Alliance contributes to the financial wellbeing of
over three million Canadians, employs more than 3,300 people and manages and
administers over $51 billion in assets. Industrial Alliance stock is listed on
the Toronto Stock Exchange under the ticker symbol IAG. Industrial Alliance is
among the 100 largest public companies in Canada.
For further information:
For further information: Jacques Carrière, Vice-President, Investor
Relations, (418) 684-5275, cell: (418) 576-3624, firstname.lastname@example.org;