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Industrial Alliance buys 50 per cent stake in Montreal office building for $100 million |
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Written by THE CANADIAN PRESS
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Tuesday, 07 October 2008 |
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QUEBEC - Industrial Alliance Insurance and Financial Services Inc. (TSX:IAG) has acquired a 50 per cent stake in the Edifice 1981 McGill College Inc. office building in Montreal for $100 million.
An unnamed financial partner has acquired the other 50 per cent stake, while Industrial Alliance will manage the building, the Quebec-based insurer said Tuesday.
"This building presents a unique combination of first-class asset, unparalleled location and institutional grade tenancies in a market which boasts strong fundamentals," said Claude Tessier, Industrial Alliance's vice-president of real estate investments.
The acquisition increases the number of buildings Industrial Alliance owns in Canada to 28, with a market value of about $600 million.
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Last Updated ( Tuesday, 07 October 2008 )
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