A mega-transaction worth $553.2 million between the co-owners of the Le Carrefour Laval shopping center went under the radar at the end of the summer.
This is what the Courier Laval on December 19 when we were trying to find out what was hidden behind a record increase of 700% in the volume of commercial transactions recorded during the 3rd quarter in Laval, according to a transaction report published the day before by RE/MAX Québec.
On August 26, under a co-ownership agreement, the limited partnership 440 & Laurentian Limited Partnership and the company numbered 11693379 Canada Inc., respectively based in Regina, Saskatchewan, and Winnipeg, Manitoba, transferred 50% of the assets of the commercial building to their partner, Ontrea inc.
A wholly owned subsidiary of the Ontario Teachers’ Pension Plan (Teachers), Ontrea appears on the assessment roll on the City of Laval website as the legal entity that owns Carrefour Laval since 2001.
As for the real estate company Cadillac Fairview, also the exclusive property of the Ontario teachers’ pension fund for 25 years, it still manages this shopping center, one of the busiest in the country.
Like Ontrea, Cadillac Fairview is headquartered in Toronto.
A jackpot for the City
According to the deed of sale, obtained from broker Louise Labrie, the City will receive a jackpot in real estate transfer tax.
In fact, the City will collect the staggering sum of $17,288,350 in welcome tax.
According to the parties, the amount constituting the tax base for the transfer tax is $576,794,411, it can be read, or nearly $24 million more than the sale price.
A difference which can be explained by the standardized value according to a comparative factor, suggests Ms. Labrie.
Finally, this amount of $17.3 million that the City will collect is added to the approximately $3.8 million that Jadco Corporation should, according to our calculations, pay it following the very recent acquisition of Galeries Laval at the cost of $126 million.
Also read: Cadillac Fairview is building a 365-unit tower at Carrefour Laval
Cadillac Fairview is building a 365-unit tower at Carrefour Laval
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