$190M transaction marks the largest industrial investment sale in Colliers’ history
In December 2018, a Colliers team led by Dane Gilbert
, Gord Cook
and Victor Cotic
, successfully closed on the sale of a nine-property cold-storage industrial portfolio on behalf of its client Congebec Logistics. Brought to market last spring, the combined 1.3 million square foot portfolio, comprised of nine cold-storage facilities in
submarkets across Canada, was acquired by Skyline Commercial REIT. As part of this record-setting deal, Congebec has leased back eight of the nine properties for the next 20 years with the option to renew for up to 25 years.
Given the current investor demand for industrial properties, Congebec saw an opportunity to maximize the value of its real estate while maintaining operational control. The sale leaseback will free up capital and allow Congebec to invest in the growth of its business.
“The Congebec-Colliers relationship began in 2010.” said Dane Gilbert. “and It has been very exciting to be part of their growth across Canada as a trusted partner.”
This marks the largest industrial investment sale in Canada in the past five years and the largest industrial investment sale in Colliers history.
“The portfolio generated a lot of interest among investors and was a very competitive bid offering,” said Victor Cotic.
Three of the properties are located in the Montreal area, three in Quebec City and the three others in Calgary, Saskatoon and Winnipeg.
Have a deeper look into this landmark industrial investment sale in Canadian Real Estate Wealth here.