A long-standing tradition of excellence
From day one, our success has been rooted in a winning combination of real estate market savvy and a flexible, prudent approach to managing growth, operational risk and debt.
In every acquisition, construction, redevelopment and expansion project we have undertaken, we have consistently sought to optimize the returns on our unitholders’ investments. Year after year, our proactive portfolio management strategy has helped generate steady growth in occupancy rates and net rental revenues.
We are proud of this long-standing tradition of excellence, and we will continue to build on it in the years to come.
Jules Dallaire sets his sights high
Seasoned Québec entrepreneur Jules Dallaire founds Cominar, an apartment building construction and development company.
One of the first condo developers in the province
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.
First retail property built in Québec
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.
Cominar goes public
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.
A major breakthrough into the Montréal market
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.
Two new portfolio acquisitions
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.
Key transactions in Montréal and Calgary markets
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.
A $1.35-billion transaction
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.
Sylvain Cossette appointed the new President and CEO of Cominar
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.