ACQUISITION OF A BUILDING AND LAND FOR $ 10.4 M
Press Release – For Immediate Broadcast
Montréal, April 30th, 2018 – DELMA Real Estate Corporation, a subsidiary of DELMA Group Inc., is pleased to announce the acquisition of a 56,000 sq. Ft. 6-storey office building located at 185, Dorval Avenue, in the heart of downtown Dorval, a transaction valued at $ 10.4 million. DELMA Group plans to move its head office there in July 2018.
The building includes a vacant lot that will allow DELMA Real Estate Corporation to develop a new mixed commercial and multi-residential complex. The company is already in the process of approval for a mixed-use project including a 7-storey building, with a commercial ground floor and multi-residential rental housing on the upper floors.
“This first acquisition since DELMA Group’s RTO fits perfectly with our overall value-added acquisition plan, with diversified assets including offices, commercial and multi-residential””, explains François Castonguay, the new President of DELMA Group who, until recently, was President and Chief Executive Officer of Uniprix. “The addition of a multi-residential building on existing land will meet a demand for new housing in the area.”
About DELMA Group
DELMA Group is a Montreal-based real estate company specializing in the development, acquisition and operation of real estate assets in Canada, the United States and Europe, and whose leaders have three decades of experience in these areas. DELMA Group offers an agile and efficient investment platform aimed at maximizing returns while mitigating risks, and offers vertically and horizontally integrated services through its subsidiaries DELMA Real Estate Corporation, DELMA Hospitality Corporation and DELMA Management Services Corporation. DELMA Group has been listed on the Canadian Security Exchange (CSE) since March 2018 under the acronym DLMA. For more information, please visit www.delma.ca.
Source: DELMA Group Inc.