Cominar Investment Strategy and Portfolio

Cominar's investment strategy is focused on long-term growth, with a concentration on the Canadian real estate market. They aim to deliver stable returns to their shareholders.

Cominar's portfolio consists of a diverse range of properties, including office, retail, and industrial spaces. This diversification helps to reduce risk and increase potential returns.

Cominar has a significant presence in Quebec, with a large portfolio of properties in the province. They also have a presence in other Canadian markets, including Ontario and British Columbia.

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Cominar was founded in 1965 by Jules Dallaire, initially focusing on building apartments in Quebec City.

The company's expansion into condominiums began in 1973, marking a significant milestone in its growth.

In 1986, Cominar developed Place de la Cité, an office tower set above a shopping concourse in Sainte-Foy, a borough of Quebec City.

Cominar was listed on the Toronto Stock Exchange as a FPI Cominar in 1998, becoming the first fully integrated real estate investment trust in Canada.

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At the time, Cominar had 51 properties totaling 3.1 million sq.ft. of leasable space.

In 2009, Cominar completed a public offering of REIT units for a total of $575M (Canadian dollars).

This move helped the company further establish itself in the real estate market.

Cominar made a significant purchase in 2012, acquiring 68 properties representing 4.3 million sq.ft. from GE Capital Real Estate (Canada).

In 2014, the company announced the purchase of $1.35 Billion (Canadian dollars) of properties, totaling 5 million sq.ft., from Ivanhoé Cambridge.

This acquisition further solidified Cominar's position in the Canadian real estate market.

However, in 2017, Cominar faced a credit rating downgrade, leading to the divestment of 14% of its holdings, comprising 100 properties.

The company also sold 97 properties for $1.14 billion (Canadian Dollars) in December 2017, resulting in a significant shift in its property holdings.

Cominar's focus narrowed to Ontario and Quebec, marking a notable change in its business strategy.

In March 2022, Cominar was acquired by a Canderel-led consortium for $5.7 billion, with its stocks being delisted from the Toronto Stock Exchange.

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Cominar Real Estate Investment Trust (CUF.UN-T) has announced plans to sell its entire non-core market portfolio, consisting of 97 properties valued at $1.14 billion, to Slate Asset Management. This transaction is one of the largest commercial real estate deals in Canada.

Cominar intends to review and sell up to $1.5 billion in assets from its core market holdings, citing a strong Canadian real estate market and "meaningful interest" for its properties. The company expects to finalize this review by mid Q1 2018 and sell the properties by the end of 2018.

The overall capitalization rate of the income-producing properties to be sold is estimated at 6.2 per cent, including 5.3 per cent for the Greater Toronto Area. Following the transaction, Cominar will not own any properties in Western Canada, the Greater Toronto Area, or the Atlantic Provinces.

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Cominar Real Estate Investment Trust has been quite active in recent times, with several notable announcements. In December 2022, Cominar announced the closing of an arrangement transaction.

Cominar announced that it expects to receive CAD 150 million in funding as part of an offering of its 7.80% Series 13 Senior Unsecured Debentures. The debentures have a principal amount of $150 million and are due to mature on December 18, 2027.

Cominar's financial performance has been reported in several earnings results announcements. In 2023, the trust reported earnings results for the full year ended December 31, 2022, and for the third quarter and nine months ended September 30, 2023.

Here are some key dates for Cominar's earnings results announcements:

Cominar has also been involved in a transaction with Mach Capital and Artis, with Mach Capital holding approximately 5.2% of Cominar units and Artis committing up to $214 million to the transaction.

Cominar Investment has a significant portfolio for sale, totaling 97 properties valued at $1.14 billion. These properties are spread across the Greater Toronto Area, the Atlantic provinces, and Western Canada.

The non-core market portfolio includes 24 properties in the Greater Toronto Area, covering almost 2.5 million square feet. This is a substantial portion of the overall portfolio.

The portfolio is comprised of income-producing properties, with approximately 90% of the assets being income-generating. The remaining 10% consists of land and properties under development.

Here's a breakdown of the portfolio's location and asset types:

Following the sale, Cominar will not own any properties in Western Canada, the Greater Toronto Area, or the Atlantic Provinces.

Cominar has a significant amount of debt, with approximately $875 million currently outstanding on its credit facility.

The company plans to reduce this debt by selling off its non-core market portfolio, which includes properties in the Greater Toronto Area and the Atlantic provinces.

The sale of these properties will enable Cominar to strengthen its balance sheet and focus on its core markets.

Cominar is writing down the value of its Western Canadian assets by $275 million, due to the continued challenges in the Calgary market.

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This decision is likely a result of the company's efforts to adapt to changing market conditions and prioritize its core business.

Slate, the company purchasing Cominar's non-core properties, has a significant amount of assets under management, with over $4.5 billion in total.

Slate was formed in 2005 and has since expanded its operations across North America and Europe, working with a variety of capital sources and employing over 60 professionals.

Cominar Partners is a significant part of Cominar's success. They are a major real estate investment trust (REIT) based in Quebec, Canada.

Cominar has a long history of partnerships with other companies to expand its portfolio and services. They have partnered with companies like Ivanhoé Cambridge to acquire new properties.

With a focus on commercial properties, Cominar Partners has helped the company grow its portfolio to over 9.5 million square feet of gross leasable area. This growth has been fueled by strategic partnerships and acquisitions.

Cominar's partnerships have also allowed them to tap into new markets and expand their services to include property management and development. This diversification has helped the company stay competitive in a rapidly changing market.

Cominar Partners has enabled the company to increase its revenue and improve its financial performance. As a result, Cominar has been able to deliver strong returns to its shareholders.