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During this period of uncertainty, many businesses are struggling to stay float, to get project completed, or to unload projects to alleviate financial burden. With Canderel’s recently launched Corporate Knights Initiative, we want to extend our support and assistance with solutions that are designed to ensure our clients’ success in their endeavours. Our experts can step in to assist clients in managing portfolios, advancing diligence, building pipelines, overseeing new investments or servicing ongoing projects. A prime example of some of the solutions we provide is our ability to quickly obtain capital to move projects forward, as we did for an exciting project in Montreal. Moving Fast to Acquire the Property  Some time ago, Canderel had explored the possibility of acquiring a mixed-use building at 6600 Saint-Urbain Street in Montreal, but the negotiations were inconclusive. In the midst of the COVID-19 pandemic, we learned that the vendor was amenable to a reduced price provided a transaction could be completed very quickly. Being an entrepreneurial firm with a solid understanding of the local sub-market Canderel was able to turnaround quickly to complete this acquisition. How Canderel Got it Done Canderel took immediate action to mobilize the team who worked simultaneously on various aspects of this acquisition. Fortunately, we had already completed various inspections when we had the property under contract in 2018 which allowed us to be comfortable with the truncated 15-day DD period. Critical to the success of the transaction was our ability to close an “all cash” deal. We worked tirelessly to model the future performance of the building and we stress tested our proforma to ensure we had a clear understanding of any downside related to a slower post-pandemic market.  The Resulting Benefits  Having acted quickly on this acquisition gave Canderel an opportunity to acquire an asset of scale in the highly sought-after Mile-Ex neighborhood. The area has demonstrated strong fundamentals to support sustained growth in office demand. Building on the success of our 6795 Marconi project and the proposed development of 155 Beaubien, the acquisition secured Canderel’s position as a leader in this node. Given Canderel’s future redevelopment of 155 Beaubien, the acquisition also allows us to secure a stronger foothold of an entire city block. The combined holdings offer Canderel potential synergies and economies of scale and flexibility to carry out each asset’s business plan. This optionality includes swing space, shared parking facilities and an expanded partnership opportunity. Moreover, the scale of the two acquisitions and the difference in their respective rental rate pricing puts Canderel ahead of competitors for future leasing inquiries. The Advantages of Working with Canderel  There are many ways in which Canderel can leverage its expertise to benefit our clients.

  • Our fast reaction time— Our ability to quickly underwrite and detect an opportunity that wasn’t evident to the greater market. 
  • Our impeccable reputation— Beyond Canderel’s reputation on the market, we have cultivated many relationships that offer a variety of opportunities. Vendors know that we value our reputation, will follow through on our commitments and have the financial resources to execute and thus, have confidence to transact with us.
  • Our ability to work under abbreviated timelines — Our team of experts worked diligently to complete this significant transaction in a very short timeframe.
  • Our knowledge of the market — Our prior extensive knowledge of the Montreal market and our faith in its ability to recover post-COVID was a significant factor in our decision to pursue this opportunity. Our past research showed that the Montreal tech scene will continue to materially grow over time making this opportunity ever more attractive. 
  • Our negotiation skills — While several competitors were submitting offers and circling the property, we managed to keep the vendor engaged. We never waivered from our offered price but had to come to terms on several other issues. We were able to come up with creative ways to deal with the vendor’s issues and deal with the estoppel terms that, if not met, would result in discounts on the purchase price. We were able to create a well-crafted Offer to Purchase and Agreement of Purchase and Sale document that all parties eventually agreed to. 

Proven solutions for our clients The advantages of working with Canderel — from our extensive knowledge of Canadian markets, our stellar reputation in the industry, our strong negotiation skills, and our ability to quickly secure capital and close on opportunities— ensures our clients are in good hands. Take advantage of all the services Canderel has to offer through the Corporate Knights Initiative. We are here to help.

Contact us to discuss your property opportunities or to find our more about how we can help.

As always we remain invested in your success.