Cominar takes an innovative step forward with the construction of the Louisbourg condominium tower, one of the first developments of its kind in Quebec. A total of 1,500 of the 2,500 units are subsequently retained in the Cominar portfolio.
Cominar starts the construction and development of Place de la Cité, a fully integrated retail and office complex that now boasts over 1 million square feet of leasable space.
By this point, Cominar has grown into one of the largest commercial real estate owners and managers in the Québec area, with a diversified portfolio of 51 high-quality office, retail, industrial and mixed-use properties totalling 3.1 million square feet of leasable space.
In 1998, Jules Dallaire takes the initiative to create Cominar REIT, an unincorporated closed-end investment trust listed on the Toronto Stock Exchange. Cominar REIT acquires the commercial real estate portfolio held by Cominar, and the administrative, maintenance and leasing staff are transferred to the new entity, making it the first fully integrated real estate investment trust in Canada.
Leveraging its dominant position in Québec, Cominar diversifies into the Montreal market. It acquires 28 industrial and 19 office properties from Alexis Nihon Real Estate Investment Trust and its wholly owned entities, pursuant to an agreement between Cominar and Homburg Invest. This transaction is then completed with the acquisition of co-ownerships in seven industrial and mixed-use properties.
Cominar makes its market debut in the Atlantic Provinces with the acquisition of Overland Realty Limited and its 16 high-quality properties covering 600,000 square feet. Cominar later makes 18 new additions to this portfolio, bringing the total leasable area to nearly 1.2 million square feet.
Cominar completes the acquisition started in 2011 of all of Canmarc's issued and outstanding units, for a total consideration of $904.6 million, excluding acquisition-related costs. This yields an additional 9.4 million square feet of real estate assets worth $1.8 billion.
Later in the year, Cominar adds another 68 properties to its roster from GE Capital Real Estate’s Canadian equity platform, comprising a total of 4.3 million square feet. This increases Cominar’s asset base by roughly 14% and contributes to greater geographic diversification in Ontario.
Cominar adds 19 properties (mainly located in the Montréal area) to its portfolio and acquires 508,780 square feet of vacant land in Calgary. With the acquisition of these lots, which are adjacent to the Centron Park office buildings it already owns, Cominar is now the sole proprietor of the Centron Park Complex.
On September 30, 2014, Cominar announces that it has closed the acquisition of a 5-million-square-foot real estate portfolio from Ivanhoé Cambridge, a real estate subsidiary of the Caisse de dépôt et placement du Québec, for roughly $1.35 billion. One month later, Cominar finalizes the acquisition of Rockland, a 646,000-square-foot shopping centre located in the Town of Mount Royal, an on-island suburb of Montréal, for a purchase price of $271.7 million.
On October 3, 2017, the Board of Trustees announces that Sylvain Cossette will be taking over the reins as President and CEO of Cominar, effective January 1, 2018. The appointment is in keeping with the succession plan set up when Mr. Cossette joined Cominar in 2013. Mr. Cossette comes to the role after holding various management positions of increasing responsibility within the organization, during which time he has shown exceptional leadership.