GM Développement wants to clean up its real estate portfolio to focus more on the residential and hotel industries. Already, Groupe Mach, which is the boss of office buildings in Saint-Roch, is not ruling out the possibility of acquiring the properties that will be on the market.
Monday, the management of GM Development revealed, in a press release, to undertake a transition with its succession. The owners’ children will eventually take the lead. This process will result in the sale of several real estate assets in Lower Town.
For the moment, GM Development refuses to reveal the buildings which could change hands. The company says it is looking for developers who will “have at heart” the development of Saint-Roch.
“With the children, we intend to continue working with a real estate portfolio that will mainly focus on the residential and hotel industries – including our latest child, Monsieur Jean – and this, with the same passion, creativity and vision. who have lived in us for all these years, ”said the co-founder, Jean Campeau.
The latter shares the management with Geneviève Marcon.
Archive photo, JEAN-FRANCOIS DESGAGNES
Geneviève Marcon and Jean Campeau
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The Quebec real estate group is the owner of the building housing the Benjo toy store, located in the Saint-Roch district, as well as several addresses on rue Saint-Joseph Est.
Management mentions that the process of selling the assets started in the fall of 2019. It should take several months to complete.
Several projects
While carrying out its transformation, GM Développement says it wants to continue its residential project of 300 housing units on the former TVA site on Avenue Myrand, and that of 800, Charest Est in Saint-Roch. This latest $ 50 million development aims to build a 12-story building. The building will house a hotel of approximately 100 rooms.
Joined by The newspaper, Groupe Mach, which owns more than 40% of the office market in Saint-Roch, claims to be aware of the properties put on the market by GM Développement. The Montreal developer emphasizes that each building will be analyzed over the coming weeks.
“We already know. We will evaluate this portfolio. We are waiting to have more details. We believe a lot in Quebec. Saint-Roch is a sector on the move, ”said the president, Vincent Chiara, who still plans to invest significant sums in this district.
Recently, Groupe Mach bought the building housing the Laliberté store in Lower Quebec City.
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