Montoni Group has created a new partnership with Alberta Investment Management Co. (AIMCo) and another institutional pension fund to acquire a four-million-square-foot parcel of industrial development land in Saint-Bruno-de-Montarville in Greater Montreal.
The partners plan to build 1.6 million square feet of new industrial buildings at the Industrial Ecopark site starting in 2022. In the announcement Wednesday morning, Montoni says the total investment will be close to $400 million.
Located at the junction of Highway 30 and Route 116 at the eastern edge of the Montreal urban area, it has highway access to all the city’s main trading markets, from Toronto to the south, Atlantic Canada to the east and the northeastern United States.
It’s also about 30 minutes from downtown Montreal, with both Montréal Saint-Hubert Longueuil Airport and the Saint-Bruno train station nearby as well as Promenades Saint-Bruno shopping centre and an extensive service infrastructure.
Site’s central location to major markets
Montoni says it is the only remaining tract of land in the area which would be able to accommodate such a sizeable industrial development. It’s also near an already well-established industrial district which includes companies such as Wiptec, Molson Coors and Amazon nearby.
The partners plan to construct “industrial-use buildings developed and built in compliance with the highest standards”.
“We are pleased to establish a new partnership with Montoni to acquire a development site of scale in one of Canada’s largest industrial markets. The partnership represents AIMCo’s first investment in the Greater Montreal Area logistics sector,” said Tony Vadacchino, vice-president, real estate for AIMCo, in the announcement.
“Logistics remains a high-conviction sector for AIMCo and we look forward to partnering with a best-in-class developer that shares our commitment to environmentally sustainable best practices. We believe the joint venture is well positioned to capitalize on the demand for modern logistics facilities.”
Montoni will also be seeking to ensure the buildings are constructed to current environmental and sustainability standards, the announcement states. It intends to promote the construction of LEED-certified buildings, and make its proprietary Distinction Program available to companies looking to locate their facilities on the site.
The program, introduced in 2018, is to make green building more accessible to such projects, reducing environmental impact while enhancing occupants’ well-being.
“We are grateful for this opportunity to contribute to the development of Saint-Bruno-de-Montarville. In keeping with our practices, this development will emphasize quality and respect for the environment,” said Dario Montoni, the president of Montoni Group, in the announcement.
About Montoni and AIMCo
Montreal-based Montoni has a portfolio of close to 500 projects, representing more than 20 million square feet of industrial, commercial, institutional and residential construction, including 30 head offices. The firm has an additional 22 million square feet under development.
It has been named one of Canada’s Best-Managed Companies for consecutive 20 years,
It offers a full range of services covering development, construction, design and property management.
A LEED-accredited member of the Canada Green Building Council, Montoni has more than 4.3 million square feet of LEED-certified buildings.
Among the developer’s recent projects are Espace Montmorency, a $450-million-plus multi-use complex adjacent to Montmorency métro station in Laval. It is also involved in developing the former Molson Brewery land, more than six million square feet in downtown Montréal in partnership with Groupe Sélection and the Fonds immobilier de solidarité FTQ.
AIMCo is one of Canada’s largest and most diversified institutional investment managers, with more than $150 billion of assets under management. AIMCo invests globally on behalf of 32 pension, endowment and government funds in the Province of Alberta.