TransGlobe launches in the Quebec residential rental market with the acquisition of 45 buildings in the greater Montreal area
Montreal, January 22, 2008 – TransGlobe Property Management Services Ltd., one of the largest and fastest growing property management companies in Canada , announced today that it is making its first major investment in the vibrant Montreal area residential rental market. TransGlobe has acquired 45 apartment buildings with over 1,300 units and will be purchasing 89 additional rental units in the near future. This strategic acquisition represents a major step in TransGlobe's coast-to-coast expansion and the beginning of a long-term commitment to doing business in the province of Quebec and investing in Quebecers' homes, lifestyles and communities.
This acquisition brings TransGlobe's growing portfolio of commercial and residential properties across Canada to over 26,000 rental units and more than 5.2 million square feet and positions TransGlobe as a key new player in the Quebec market. Main ly located in Saint-Laurent and in Longueuil, the properties comprise well-maintained low-rise apartment buildings, ideally situated in neighbourhoods close to shopping, parks and transportation. Renovations to common areas of the buildings and some units will begin immediately with an initial investment of about $5 million. As part of the renovations, Transglobe will put emphasis on green initiatives such as replacing old heating equipment and lighting fixtures with energy-efficient solutions.
“We are very excited about entering the Montreal market and contributing to the revitalization of the region's housing stock with quality and affordable residences for Quebec renters”, said Daniel Drimmer, President of TransGlobe. “As we pursue our expansion strategy across the country, we believe that Montreal 's dynamic market provides TransGlobe with a great platform for future growth in Quebec .”
While the Montreal area is the largest rental market in Canada with 480,000 units, 2007 trends show that rental housing demand in the Montreal area remains high. Despite the construction of new units, the available rental housing stock has decreased, revealing a need for more attractive and accessible rental housing units, which TransGlobe is well positioned to provide.
“It is with great pleasure that we are welcoming TransGlobe's significant investment in our community and economy. We believe that their property management expertise and commitment to upgrading the units and properties they own will attract new residents to these neighbourhoods and ensure their access to moderate income housing,” commented Claude Gladu , Mayor of Ville de Longueuil.
The Longueuil properties are situated in Chemin Chambly, close to Place Desormeaux shopping centre and parcs, and are part of Jardin sur le Parc and Complex sur le Parc. They include 7 four-storey low-rise apartment buildings and townhomes offering 326 units.
The properties in Saint-Laurent are mainly located in Côte Vertu and Bois Franc. The eight 3-4 storey low-rise apartment buildings on Côte Vertu, Jules Poitras and Thompson contain 447 units with easy access to the Transcanadienne highway. A 12-storey high-rise building on Laframboise street completes the portfolio in this area with 143 units. The 17 Bois Franc properties, with 235 units originally established as condos, are located in a newly developed area of Saint-Laurent and benefit from a beautiful setting with an artificial lake and parks.
About TransGlobe Property Management Services
TransGlobe is the proprietor of multiple industrial, commercial and residential properties across Canada , with locations in a number of major population centers in British Columbia , Alberta , Ontario , Quebec , New Brunswick , Prince Edward Island and Nova Scotia .
With a portfolio of over 26,000 rental suites and more than 5.2 million square feet of commercial space, TransGlobe is one of the largest property management companies in Canada . The company has adopted a firm strategy designed to further expand and diversify its presence from coast to coast.
Backed by over a decade of experience and a philosophy of property management with integrity, TransGlobe remains equally focused on customer service. All of its residents enjoy the benefits of a 24/7 Customer Care Centre, as well as a dedicated maintenance team, both designed to provide them with an unsurpassed rental experience. www.GOtransglobe.com |
