Montreal-based real estate developer Broccolini Real Estate Group is expanding in a new area of its home city with the acquisition of 57 acres of land along Highway 40 straddling the borough of Anjou and the City of Montreal East.
Broccolini, one of Greater Montreal’s largest and most active industrial developers, paid $56.8 million for the 2.5 million square feet of land, which it intends to redevelop. The two adjacent plots were acquired from Groupe C. Laganière.
Without revealing specific plans for the site, Broccolini president Robert Plamondon focused on the environmental aspects of his firm’s intentions in the announcement, which was issued Tuesday afternoon.
“We’re proud to participate in the sustainable development of this sector and we look forward to presenting a bold project that will contribute to the green economic recovery of Montreal’s East End,” Plamondon said in the announcement.
“The purchase of this land represents our first major foray into Montreal’s East End, and we’re enthusiastic about the prospect of working with the various local government authorities and business partners, as we have throughout the acquisition process, to develop a project that will become an integral part of its community.”
Groupe C. Laganière to redevelop CEME
For its part, Groupe C. Laganière plans to use a portion of the funds to advance at least one of its own projects, the redevelopment of its Complexe environnemental Montréal-Est (CEME).
The facility is an accredited biological treatment centre for contaminated soils, located on 8.5 million square feet of land in a commercial/industrial zone in Montreal East.
Over the next three to four years, the company will oversee the redevelopment of the CEME treatment centre.
“I’m very proud of the work accomplished by my team to carry out this transaction which I see as a positive move for the future of Groupe C. Laganière and for the revitalization of Montreal’s East End,” company president Guy Laganière said in the announcement.
“The sale of a portion of our land to Broccolini opens the door to keep converting old environmental liabilities into strategic assets for the redevelopment of our local community in a sustainable way.
“The sale will also help contribute to the realization of our future projects and ensure the succession of our company.”
About Broccolini, Groupe C. Laganière
Broccolini is a single-source provider of construction, development and real estate services in Canada.
The company provides a wide range of services in the industrial, commercial, institutional and residential markets, acting as a general contractor, construction manager, project manager, property manager and developer.
Broccolini’s real estate management subsidiary owns and manages a portfolio of more than 45 properties, representing a total of over 11 million square feet of assets.
Groupe C. Laganière is a family business established in Montreal East about 60 years ago.
Specializing in environmental rehabilitation and related civil engineering work, it employs about 100 and offers its services as a contractor across Quebec.
Groupe C. Laganière counts Fondaction and Investissement Québec among its financial partners.