OTTAWA, July 15 /CNW Telbec/ - Primecorp Québec Commerciale Inc., acting as exclusive agent for Groupe Pacific Southam Inc., announced today that it has completed its exclusive mandate by selling The Mosaique, one of Montreal's most luxurious condo titled Apartment properties to Timbercreek Asset Management. "We are very excited at the success of our National Apartment Group and endeavour to successfully transact in all of Canada's major markets," says Primecorp Commercial Realty Inc. Partner Aik Aliferis. Jean Marc Veilleux of Primecorp Québec says, "Working with professionals such as Derek Patterson at Groupe Pacific and the respective teams of the purchaser, Timbercreek Asset Management, ensured this deal was ultimately consummated."
The building consists of a 12-storey, luxury Condo Residential Complex and includes 152 Suites, a complete 3-level Parking Facility and over 7,000 square feet of commercial space located on the main level of the Tower. The asset is situated in the Central Business District of Montreal on Rue de la Gauchetiere West and the deal traded at a price of $32,300,000.00.
Groupe Pacific is a Canadian arm of a privately held international Real Estate Company with investments throughout North America. Groupe Pacific's Derek Patterson says, "Primecorp's benefit to multi-residential deals is experience; their network within the industry produces the opportunity to close transactions." The successful purchaser, Timbercreek Asset Management, is one of Canada's leading private multi-residential real estate companies. Timbercreek's Michael Tsourounis says, "We are very pleased with the addition of Mosaique to our Montreal portfolio. We continue to like the Montreal marketplace investment landscape and feel the property will provide long-term value while diversifying our product offering in the Montreal marketplace. The Primecorp team's dedication and professionalism were instrumental in helping Timbercreek complete this transaction."
The transaction was facilitated by Primecorp's Québec office and the Primecorp National Apartment team.
"This sale demonstrates confidence in the national multi-residential investment market," says Primecorp Québec's Manager Jean Marc Veilleux. "The complexities of this transaction required tremendous leadership and skill from both parties."
This transaction reinforces Primecorp's national command of investment transactions throughout Canada. Primecorp's continued success and ability to complete substantial investment transactions in the Canadian Real Estate market is only reinforced by this sale, demonstrating once again that Primecorp is one of the Canada's most prominent Investment Real Estate Advisory Firms.
Primecorp is a strategically focused Commercial Real Estate Investment Brokerage, Management and Advisory Firm. The Firm has completed in excess of C$3.6 billion dollars in Real Estate transactions since its inception in 1998 with Private and Institutional Investors, Public Corporations, REITS and International Investment Groups, in over 41 Canadian cities lead by our founding partner team of Nick Pantieras, Sam Firestone, Steve Lerner and Aik Aliferis and keeps Primecorp at the forefront of the real estate investment transactions in Canada.
SOURCE Primecorp Commercial Realty Inc.
For further information: For further information: MEDIA RELATIONS: Aik Aliferis, 1.888.720.2020 ext 234, www.primecorp.ca