ELAD Group enters binding agreement with Montreal-based real estate firm Rester Management to sell 100 per cent of ELAD Canada Realty’s shares for an estimated $508 million CAD
- Rester Management to complete transaction in several phases amounting to approximately $508 million CAD, in addition to properties excluded from the transaction and allotted to ELAD Group worth approximately $262 million CAD
- The buyer intends to continue ELAD Canada’s business activities and retain company’s CEO
TORONTO, Oct. 9, 2020 /CNW/ – ELAD Group, the controlling shareholder of ELAD Canada, announces today it is selling 100 per cent of its shares to the Rester Management group for a consideration estimated at $508 million CAD, of which $342 will be paid on closing and the rest in future payments and earnouts.
The buyer intends to continue and maintain the operations of ELAD Canada and its key personnel, and retain its CEO, Rafael Lazer, for a period of at least 3 years. The deal is expected to close, subject to completing certain customary conditions precedent, within a 60-day period but no later than March 31st, 2021.
“The transaction reflects the incredible strength and quality of our assets, our expertise, and the positive management of our organization,” says Rafael Lazer, CEO, ELAD Canada. “Our engagement with Rester Management over the past few months has been extensive, I was impressed by their deep knowledge and vast experience, and we are confident this is a value-added partnership for our portfolio, tenants and condo purchasers.”
ELAD Canada will be launching Galleria III, a 31-storey mixed use tower this Fall – the third phase of the renowned Galleria on the Park master-planned community in Toronto. Harmonia Condos, the fourth phase in the Cité Nature master-planned community in Montréal as well as the last phases at the award-winning master-planned community Emerald City, in North York, are also actively selling.