Réseau Sélection Invests $2B and Closes Financing To Build Residential Complexes In Québec

On March 13, 2015, Réseau Sélection announced a five-year investment plan valued at $2 billion to build 30 new residential complexes for Québec  seniors. The Greater Montreal region is the focus of this investment, which will see 25 projects develop. This expansion will create 7,000 jobs during construction and, upon completion, 4,000 direct jobs across the network.

Rosemont-les-Quartiers is one of the flagship projects in Réseau Sélection’s expansion program and will be, upon completion, one of the most important projects of its kind in the province. This multipurpose complex is being built on the close to 500,000-square-foot revitalized site of the former Norampac plant in the borough of Rosemont-la-Petite-Patrie. This unique real estate project, which represents an investment of $250 million, will be the largest project of this type ever carried out in Québec  once it is completed. It was developed in partnership with Claridge and Centria.

Established in 1989, Réseau Sélection specializes in the development, construction and management of residential complexes for today’s seniors.

The financing potion of the transaction closed in March 2015, and the investment component closed in January 2015.

Louise Pelletier, VP legal affairs at Réseau Sélection led the team on behalf of Réseau, supported by a team from McCarthy Tétrault consisting of Annie Gagnon-Larocque, James Papadimitriou, Marie-Josée Marcoux, and Fraser Bourne.

On the investor side, Charlie Flicker of McCarthy Tétrault LLP acted for Claridge, and Chantal Sylvestre from Dentons Canada LLP acted for Centria.

Fasken Martineau DuMoulin LLP acted for the syndicate of lenders represented by BMO as agent with a team co-led by Felix Gutierrez, Jean-Sébastien Dugas and Elias Retsinas with the assistance of Margarita Altankova and Ashley Munro.