CPE News (10/9/2020) – ELAD Group, the controlling shareholder of ELAD Canada, announces today it is selling 100% of ELAD Canada Realty shares to the Rester Management group for a consideration estimated at CDN $508 million, of which $342 will be paid on closing and the rest in future payments and earnouts.
Rester Management to complete the transaction in several phases; in addition to properties excluded from the transaction and allotted to ELAD Group worth approximately CDN $262 million.
Rester Management intends to continue and maintain the operations of ELAD Canada and its key personnel, and retain its CEO, Rafael Lazer, for a period of at least 3 years.
The transaction is expected to close, subject to completing certain customary conditions precedent, within a 60-day period but no later than March 31st, 2021.
The Drazin family owned Rester Management is a real estate company that owns, develops and manages office, retail and residential properties primarily in the greater Montreal area. The company portfolio includes residential, office, retail and industrial properties in Eastern Canada and the United States.
Controlled by families offices, ELAD Canada is a multi-billion dollar real estate development, investment and asset management company with best in class mixed-use developments and properties across Canada and the US.
photo credit: ELAD Canada
News Release
ELAD Group enters binding agreement with Montreal-based real estate firm Rester Management to sell 100 per cent of ELAD Canada Realty’s shares for an estimated $508 million CAD
Rester Management to complete transaction in several phases amounting to approximately $508 million CAD, in addition to properties excluded from the transaction and allotted to ELAD Group worth approximately $262 million CAD
The buyer intends to continue ELAD Canada’s business activities and retain company’s CEO
TORONTO, Oct. 9, 2020 /CNW/ – ELAD Group, the controlling shareholder of ELAD Canada, announces today it is selling 100 per cent of its shares to the Rester Management group for a consideration estimated at $508 million CAD, of which $342 will be paid on closing and the rest in future payments and earnouts.
The buyer intends to continue and maintain the operations of ELAD Canada and its key personnel, and retain its CEO, Rafael Lazer, for a period of at least 3 years. The deal is expected to close, subject to completing certain customary conditions precedent, within a 60-day period but no later than March 31st, 2021.
“The transaction reflects the incredible strength and quality of our assets, our expertise, and the positive management of our organization,” says Rafael Lazer, CEO, ELAD Canada. “Our engagement with Rester Management over the past few months has been extensive, I was impressed by their deep knowledge and vast experience, and we are confident this is a value-added partnership for our portfolio, tenants and condo purchasers.”
ELAD Canada will be launching Galleria III, a 31-storey mixed use tower this Fall – the third phase of the renowned Galleria on the Park master-planned community in Toronto. Harmonia Condos, the fourth phase in the Cité Nature master-planned community in Montréal as well as the last phases at the award-winning master-planned community Emerald City, in North York, are also actively selling.
ABOUT ELAD CANADA
ELAD Canada is a multi-billion dollar real estate development, investment and asset management company with best in class mixed-use developments and properties across Canada and the US. benefiting from experience and in-depth knowledge of the industry, ELAD has a proven track record with creating large scale, multi-phase development projects, and along with Agellan Commercial a fully owned subsidiary, owns 7 million square feet of industrial, office and retail properties. For over 20 years, ELAD has shaped communities through leadership and collaboration and has focused on creating value to maximize returns on its income-producing properties in Canada. ELAD is made up of seasoned strategic thinkers who foster long-term relationships through listening to their communities and tenants, collaborating with all stakeholders, and engaging experts who share their passion for creating environments that make our lives better. Best known for its visionary approach at the award-winning, master-planned Emerald City in Toronto, ELAD is currently selling Galleria on the Park – its newest master-planned community – and launched Harmonia Condos at Cite Nature earlier this year. ELAD Canada is also currently working on Lansing Square, a 400,000 sq. ft. office complex on approximately 15 acres slated to be redeveloped as a mixed-use community. We foster relationships, we build communities and we invest in tomorrow; we transform our cities.
ABOUT RESTER MANAGEMENT
Rester Management is a real estate company that owns, develops and manages office, retail and residential properties primarily in the greater Montreal area. Rester has been successful in repositioning developing and leasing many sizeable commercial and residential properties in downtown Montreal. The family has been at the forefront of real estate in Canada for over a century. Having commenced in the construction and ownership of residential properties at the beginning of the 20th century; by the 1940’s their extensive portfolio grew to include commercial and industrial real estate. Today, the portfolio includes residential, office, retail and industrial properties in Eastern Canada and the United States.
SOURCE ELAD Canada
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