Dozens of Groupe Sélection projects and properties have begun finding takers in what appears to be the beginning of the dismantling of the Quebec giant of private senior housing.
Fonds immobilier FTQ, American Blackstone, Ontario Revera and many others have all expressed an interest in buying back all or part of the properties in Groupe Sélection’s portfolio that are still protected by the law. Creditors (CCAA).
Claims over a billion
In its fourth audit opinion, PricewaterhouseCoopers (PwC) reports on the steps taken so far and the intention to initiate a sale or participation process in the near future.
Remember, businessman Réal Bouclin’s company, paralyzed by debt, faces more than a billion dollars in debt.
seller and buyer
Among other things, the FTQ fund has already raised its hand to sell Groupe Sélection’s shares (50%) in two components of District Union (Waltz and Yimby Hoop) and in the hotel, retail, office and residential parts of the Espace Montmorency project in Laval.
For its part, the Blackstone real estate fund has confirmed to the controller its intention to sever all ties with Groupe Sélection. Blackstone will therefore buy out the 5% minority interest that Selection retained in 11 of its buildings (3,200 units) after selling them to the company in 2021.
Ditto for Revera, Ontario’s senior housing manager. The company has already informed the PwC team of its intention to sever all ties with Sélection by acquiring all of its shares (25% to 50%) in the 25 residences (6,600 units) it owns with it.
The Districts des Brasseurs (Molson), Yimby I and II, Lokia, Mirabel and Gatineau La Cité projects are also offered for sale.
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