Cominar

Cominar is a Canadian real estate company based in Quebec City, Quebec. It owns, operates, invests in, and develops properties across several asset classes, including office, retail, residential, industrial, and mixed-use real estate. Its business has historically been concentrated in Quebec, although the company also held properties in Ontario and, at different points in its history, expanded into other Canadian regions. The business was founded in 1965 by Jules Dallaire and initially focused on apartment construction in the Quebec City area. In 1973, it expanded into condominium construction. A significant development milestone came in 1986 with Place de la Cité in Sainte-Foy, a Quebec City office tower integrated with a shopping concourse. This project reflected the company's evolution from a residential builder into a broader real estate developer and owner. Cominar adopted a real estate investment trust structure in the late 1990s. In 1998, it was listed on the Toronto Stock Exchange as FPI Cominar, using the French-language abbreviation for a real estate investment trust. At that time, the organization had 51 properties and approximately 3.1 million square feet of leasable space. It presented itself as Canada's first fully integrated real estate investment trust, combining development, ownership, management, and investment activities within one platform. The company expanded substantially through public capital raising and acquisitions. In 2009, it completed a public offering of trust units raising C$575 million. In 2012, it acquired 68 properties from GE Capital Real Estate Canada, representing approximately 4.3 million square feet. In 2014, it announced a C$1.35 billion acquisition of approximately five million square feet of properties from Ivanhoé Cambridge, the real estate subsidiary of the Caisse de dépôt et placement du Québec. These transactions made Cominar one of Canada's larger diversified property owners. The company later entered a period of portfolio rationalization and financial pressure. After DBRS downgraded its credit rating in 2017, Cominar announced a plan to divest 14% of its holdings. In December of that year, it announced the sale of 97 properties for C$1.14 billion. The divestment reduced its geographic footprint, eliminating holdings in Western Canada, the Toronto area, and the Atlantic provinces and leaving a portfolio focused primarily on Quebec and Ontario. The period also saw a leadership transition, with Sylvain Cossette replacing Michel Dallaire as chief executive officer. By February 28, 2022, Cominar's portfolio comprised 306 office, retail, and industrial properties totaling approximately 35.4 million square feet. On March 1, 2022, a consortium led by Canderel completed the acquisition of Cominar for C$5.7 billion, or C$11.75 per unit, in an all-cash transaction. Cominar's securities were subsequently delisted from the Toronto Stock Exchange. Since the acquisition, the company has operated outside its former public REIT structure, selling assets to repay debt and support new development plans under a new management team. Publicly available reference material does not identify a complete current executive roster or a definitive standalone website for the post-acquisition organization.

Cominar traces its origins to 1965, when Jules Dallaire founded the business in Quebec City. Its early activities centered on apartment construction. In 1973, the company broadened its development work to include condominiums, establishing a foundation in residential real estate before moving into larger commercial projects. In 1986, Cominar developed Place de la Cité in Sainte-Foy, now part of Quebec City. The project combined an office tower with a retail concourse and demonstrated the company's emerging mixed-use and commercial development capabilities. Over time, Cominar expanded beyond construction into the ownership, operation, investment, and management of income-producing real estate. A major structural change occurred in 1998, when Cominar became publicly listed on the Toronto Stock Exchange as FPI Cominar. It had 51 properties and about 3.1 million square feet of leasable area at the time. The trust described itself as Canada's first fully integrated REIT, reflecting a business model that connected property development with long-term ownership and operating activities. Cominar grew through both capital markets activity and acquisitions. Its 2009 public offering raised C$575 million. In 2012, the company bought 68 properties from GE Capital Real Estate Canada, adding approximately 4.3 million square feet. In 2014, it announced a much larger transaction involving approximately five million square feet of property acquired from Ivanhoé Cambridge for C$1.35 billion. These steps expanded the scale and diversification of its office, retail, industrial, and other property holdings. The company's expansion was followed by a period of deleveraging and portfolio reduction. In August 2017, after DBRS downgraded Cominar's credit rating, the trust announced a divestment program covering approximately 14% of its holdings. In December, it announced the sale of 97 properties for C$1.14 billion. The transaction materially narrowed Cominar's geographic footprint: the company exited Western Canada, the Toronto area, and the Atlantic provinces, concentrating its remaining operations in Quebec and Ontario. Around the same period, Sylvain Cossette replaced Michel Dallaire as chief executive officer. Cominar continued as a large publicly traded property owner into the early 2020s. On February 28, 2022, its portfolio consisted of 306 office, retail, and industrial properties totaling about 35.4 million square feet in Quebec and Ontario. On March 1, 2022, a Canderel-led consortium completed an all-cash acquisition valued at C$5.7 billion, equivalent to C$11.75 per unit. The transaction ended Cominar's status as a publicly traded REIT and led to the delisting of its securities from the Toronto Stock Exchange. Following the acquisition, Cominar has been described as continuing under new management while selling assets to repay debt and finance new development plans. The available reference material does not provide a complete account of the post-2022 corporate structure, current leadership, or a definitive public website. Accordingly, its present activities are best characterized as those of a privately held Canadian real estate platform retaining the Cominar name and focusing principally on Quebec and Ontario assets.

• 2022

  Acquisition by Canderel-led consortium

  [1]Cominaren.wikipedia.org

  A consortium led by Canderel acquired Cominar for C$5.7 billion in an all-cash transaction, ending its public REIT listing.

• 2020

  Senior management appointments

  [1]Cominaren.wikipedia.org

  Antoine Tronquoy became chief financial officer and Nathalie Rousseau became executive vice president of asset management and transactions.

• 2017

  Portfolio reduction announced

  [1]Cominaren.wikipedia.org

  After a DBRS credit-rating downgrade, Cominar announced a divestment program covering approximately 14% of its holdings.

• 2017

  Sale of 97 properties

  [1]Cominaren.wikipedia.org

  Cominar announced the sale of 97 properties for C$1.14 billion and narrowed its geographic footprint to Quebec and Ontario.

• 2014

  Ivanhoé Cambridge acquisition announced

  [1]Cominaren.wikipedia.org

  Cominar announced a C$1.35 billion transaction involving approximately five million square feet of properties from Ivanhoé Cambridge.

• 2012

  GE Capital Real Estate acquisition

  [1]Cominaren.wikipedia.org

  Cominar acquired 68 properties totaling approximately 4.3 million square feet from GE Capital Real Estate Canada.

• 2009

  Public offering

  [1]Cominaren.wikipedia.org

  The company completed a public offering of REIT units raising C$575 million.

• 1998

  Toronto Stock Exchange listing

  [1]Cominaren.wikipedia.org

  Cominar became publicly listed as FPI Cominar with 51 properties and approximately 3.1 million square feet of leasable space.

• 1986

  Place de la Cité developed

  [1]Cominaren.wikipedia.org

  Cominar developed Place de la Cité in Sainte-Foy, combining an office tower with a shopping concourse.

• 1973

  Expansion into condominium construction

  [1]Cominaren.wikipedia.org

  Cominar expanded its residential development activities into condominium construction.

• 1965

  Company founded by Jules Dallaire

  [1]Cominaren.wikipedia.org

  Jules Dallaire founded Cominar in Quebec City, initially focusing on apartment construction.

A diversified Canadian real estate owner, operator, investor, and developer with a strong Quebec focus.

• Commercial real estate

  Office properties

  Cominar has historically owned, operated, and developed office buildings, including office assets integrated with retail and mixed-use environments. Office properties formed one of the principal categories in its portfolio before and after its geographic concentration on Quebec and Ontario.

• Commercial real estate

  Retail properties

  Retail real estate has been a core Cominar asset class. Its portfolio has included shopping concourses and other retail-oriented properties, often alongside office or mixed-use components. The company has managed these assets as income-producing properties and has also sold portions of the portfolio during its post-2017 rationalization.

• Commercial real estate

  Industrial properties

  Industrial properties were included among the office, retail, and industrial assets in Cominar's reported 2022 portfolio. The company has treated industrial real estate as part of its diversified property platform rather than as a standalone consumer-facing product line.

• Residential real estate · 1965

  Residential developments

  Cominar began as an apartment builder and later expanded into condominium construction. Residential development therefore represents an important part of the company's origins, even though its later identity became more strongly associated with diversified commercial real estate and REIT ownership.

• Mixed-use real estate · 1986

  Mixed-use developments

  Cominar has developed and operated mixed-use environments combining commercial functions such as offices and retail. Place de la Cité, with an office tower above a shopping concourse, is a representative example of this integrated development approach.

• 2022

  Privatization through acquisition by Canderel-led consortiumM&A

  Background

  Cominar remained a large publicly traded Canadian REIT with a substantial Quebec- and Ontario-focused property portfolio.

  Action taken

  A consortium led by Canderel acquired Cominar in an all-cash transaction for C$5.7 billion, providing C$11.75 per unit.

  Aftermath

  The acquisition closed on March 1, 2022. Cominar's securities were delisted from the Toronto Stock Exchange, and the company continued under new management as a privately held real estate platform.

  Acquisition value. C$5.7 billion (March 1, 2022)

  Source

• 2017

  Portfolio divestment following credit-rating downgradeStrategy

  Background

  After DBRS downgraded Cominar's credit rating, the company faced pressure to reduce the scale of its holdings and improve its financial position.

  Action taken

  Cominar announced the divestment of approximately 14% of its holdings and subsequently announced the sale of 97 properties.

  Aftermath

  The announced sale was valued at C$1.14 billion and left Cominar concentrated in Quebec and Ontario, with no remaining properties in Western Canada, the Toronto area, or the Atlantic provinces.

  Announced property sale value. C$1.14 billion (December 2017)

  Source

1. 1Cominaren.wikipedia.org