Réseau Sélection announced today that is has acquired the Cherbourg I and Cherbourg II in Brossard and Le Graham in the Town of Mount Royal, three retirement homes previously owned by Prével Retraite and the Fonds immobilier de solidarité FTQ.
This transaction brings the number of Réseau Sélection residences in operation or under construction to more than 40 and reinforces its presence in Greater Montréal.
“This transaction is important to us because it brings the number to more than 40 residences as we already are the leading player in Canada in the private sector. This being said, year after year, we maintain an excellent satisfaction rate of 95% from our clients. And we are very proud of it! As a living environment creator, our priority is the satisfaction and the well-being of our clients and our employees”, said Réal Bouclin, founding President and Chief Executive Officer of Réseau Sélection.
Réseau Sélection will welcome some 1,000 new residents who live in the 710 apartments in the three residences into its family as well as one hundred employees.
"Réseau Sélection has an excellent reputation for being focused on customer satisfaction. We believe that residents and employees in these three residences will continue to have a positive experience in their living and working environments” said Jonathan Sigler, Prével’s co-President. “The previous transaction we concluded with Cambridge in 2013 went well and gave us confidence for this current deal”, concluded Normand Bélanger, CEO of Fonds immobilier de solidarité FTQ.
“It is with great pleasure that I welcome our new colleagues and residents in the Réseau Sélection’s family”, said Réal Bouclin in conclusion.
Cherbourg I and II
The Cherbourg I and II, which are located on the banks of the majestic St. Lawrence River, offer an ideal and inspiring lifestyle for active retirees. The common areas - indoor pool, spa, sauna, exercise room, billiard room, cinema, library, dining room and bistro, outdoor gardens, walking trails and shuffle board - were designed to promote residents’ health and well-being. Residents also have access to a hair salon, convenience store, indoor parking and a pharmacy.
Le Graham, which is located in the renowned Town of Mount Royal, is a luxurious complex that has everything to enjoy, starting with a gourmet restaurant that food enthusiasts will love. Its proximity to local services enables Le Graham residents to remain active and enjoy their surroundings. Common areas and facilities include a large indoor pool, fitness center, health center, beauty salon, event room, café-bistro, living room with fireplace and library, outdoor terraces and a cinema.
Five-year plan 2015-2020
“With this acquisition, we are closing the loop with Prével which began when we acquired Le Cambridge in 2013," said Richard Nadeau, Réseau Sélection’s Senior Vice-President and Chief Financial Officer, who led the transaction. "The addition of these three new retirement homes is a continuation of our $2 billion, five-year investment plan that we announced in 2015, for which we have already committed more than half of our commitment."
About Réseau Sélection
Réseau Sélection has been developing and managing residential projects for over 30 years. A pioneer in the field of retirement communities, today Réseau Sélection is the leading private player in this sector in Canada. Its sense of innovation earned them to receive international recognition with two Global Awards (2017) for Sélection Vaudreuil and Sélection Panorama. The company has a unique vertically-integrated structure, which facilitates both geographical and product diversification. This is the inspiration behind the creation of REZ Real Estate, a division dedicated to multi-residential and multi-generational projects, and to the development of integrated living environments that respond to the diversity of today’s families. In addition to 41 retirement homes, already operating or under construction, the company has announced more than $500 million in investments for its REZ Real Estate division over the next three years. Réseau Sélection has close to 4,500 employees dedicated to serving its clients, 96% of whom would recommend Réseau Sélection to their friends and family.