Allied Properties REIT (AP.UN-T) has announced it will acquire the office component of Jesta Group’s million-square-foot Place Gare Viger redevelopment in Montreal. The acquisition includes the iconic 123-year-old Gare Viger, known as The Chateau, a forward purchase of the new office tower which will be anchored by pharmaceutical giant Novartis, as well as adjacent developable land.
Allied says it will pay $128.2 million for the Gare Viger and the land, and $121.4 million for the new office tower. The transaction is to close in two tranches, with the Gare Viger/land closing later this year, and the new office tower in 2022.