In July 2020, Carrefour Langelier, a shopping mall measuring 326,628 square feet anchored by Walmart and Jean-Coutu, and the adjacent TD office building, located in the borough of Saint-Léonard, was acquired by an affiliate of Groupe Mach.
This transaction was challenging because the shopping centre was held by four different families, some of which were the second generation. It was a very emotional transaction for the vendors.
The deal was scheduled to close on March 30, 2020 and was put on hold because of the world-wide lockdown in the spring. The buyer attempted to renegotiate the entirety of the deal in late spring. The parties finally reached an agreement and despite the slowdown linked to the pandemic in the global real estate market, Groupe Mach decided to improve its real estate portfolio and acquired the Langelier shopping mall.
This shopping center represents immense potential thanks to the long-awaited extension of the Montréal underground subway system which should have a station on this property.
This transaction is ranked amongst the 10 most important commercial real estate transaction of the year.
A Fasken team composed of Mariella Lo Papa, Sara Reid, Karine Fleury, Riccardo Lento, Marion Lortie-Chassé, Nicolas Leblanc, Frédéric Gilbert and Paul Cabana advised Carrefour Langelier in connection with this transaction.