Industrial Alliance and Fonds immobilier de solidarité FTQ Ink Deal for Place Québec
The Fonds immobilier de solidarité FTQ and Industrial Alliance, Insurance and Financial Services, have entered into a new partnership whereby Industrial Alliance has acquired a 50% stake in "Place Québec," a building near Parliament Hill in Québec City. The amount of the transaction has not been disclosed.
"True to our business model that calls for us to team up with a strategic partner for every real estate project we undertake, we’re proud to have inked this deal with such a major player as Industrial Alliance," said Normand Bélanger, President and Chief Executive Officer of the Fonds immobilier de solidarité FTQ.
Already a drawing card for national and international conventions thanks to the Centre des congrès de Québec, which occupies a part of the commercial space, Place Québec offers visitors, workers and the general population of Québec City an impressive view of Old Québec, Parliament Hill and the Laurentians. "We’ve just finished some major work to upgrade and modernize the portion at 900 boulevard René-Lévesque Est and our common goal is to continue revitalizing Place Québec," concluded Mr. Bélanger.
"For Industrial Alliance, this deal is consistent with our real estate investment objectives. Place Québec is extremely well located. We will be managing this building and also plan to continue revitalizing this complex for the benefit of its occupants, the surrounding community and Québec City," said Claude Tessier, vice-president of Real Estate Services at Industrial Alliance.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company with operations in all regions of Canada as well as in the United States. The Company 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 for both individuals and groups. The fourth largest life and health insurance company in Canada, Industrial Alliance contributes to the financial well-being of over three million Canadians and employs more than 4,400 people. Following the acquisition of Jovian Capital Corporation on October 1, 2013, the company’s assets under management and administration have now reached approximately $95 billion. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.
About the Fonds immobilier de solidarité FTQ
Created in 1991 by the Fonds de solidarité FTQ, the Fonds immobilier de solidarité FTQ promotes economic growth and employment in Québec by strategically investing in profitable and socially responsible real estate projects in partnership with other industry leaders. Over the last 20 years, the Fonds immobilier has invested upwards of $1 billion in 300 such projects, creating and preserving some 26,300 local jobs in the process. For more information, visit www.fondsimmobilierftq.com
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Information for journalists:
Josée Lagacé, Director, Communications and Marketing
Fonds immobilier de solidarité FTQ
Pierre Picard, Manager, Public Relations
Tel.: 418-684-5000, ext. 1-1660