Industrial Alliance Acquires a 50% Interest in Édifice 1981 McGill College Inc., in Montreal
Industrial Alliance Insurance and Financial Services Inc. is pleased to announce that it has acquired a 50% interest in the company Édifice 1981 McGill College Inc., owner of the building of the same name, in conjunction with a major financial partner that acquired the other 50%.
1981 McGill College is a class A building made up of two connecting 16-storey and 20-storey office towers. Constructed in 1981, the building has more than 625,000 square feet of rental space and is located on one of Montreal’s most prestigious streets, in the heart of the business district. The Company's investment is worth some $100 million. Industrial Alliance will manage the building.
"This building presents a unique combination of first-class asset, unparalleled location and institutional grade tenancies in a market which boasts strong fundamentals," stated Claude Tessier, Vice-President, Real Estate Investments. In addition to being an excellent long-term investment for Industrial Alliance, this acquisition diversifies our investment portfolio geographically and by asset category, in addition to enhancing our presence in the heart of Montreal."
This acquisition increases the number of buildings that Industrial Alliance owns in Canada to 28, with a total rental space of 4 million square feet and a market value of some $600 million. Industrial Alliance owns several prestigious buildings in the Montreal region, including the Tour L’Industrielle-Vie and 2200 McGill College, two office buildings across from 1981 McGill College; 680 Sherbrooke West, an office building adjacent to McGill University; the Carrefour Industrielle Alliance, a commercial building located on Sainte-Catherine Street, home to the renowned Maison Simons and a Famous Players Cineplex; Tour A de Place Val-des-Arbres, an office building located on Saint-Martin Boulevard East, in Laval; and 1611 Crémazie, an office building located at the corner of Crémazie Boulevard and Papineau Avenue, near the Métropolitaine freeway. Industrial Alliance is also developing a new real estate project on the land adjacent to 1611 Crémazie, at 1601-1605 Crémazie.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company that offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services. The fourth largest life and health insurance company in Canada, Industrial Alliance is at the head of a large financial group, which has operations across Canada, as well as in the Western United States. Industrial Alliance contributes to the financial wellbeing of over three million Canadians, employs more than 3,300 people and manages and administers over $51 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG. Industrial Alliance is among the 100 largest public companies in Canada.
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Vice-President, Investor Relations
Office: 418 684-5275