ELAD Group sells 100% of ELAD Canada Realty’s shares for CAD$508 M to Montreal’s Rester Management

ELAD Canada Logo (CNW Group/ELAD Canada)

ELAD Group enters binding agreement with Montreal-based real estate firm Rester Management to sell 100 per cent of ELAD Canada Realty’s shares for an estimated $508 million CAD

  • Rester Management to complete transaction in several phases amounting to approximately¬†$508 million¬†CAD, in addition to properties excluded from the transaction and allotted to ELAD Group worth approximately¬†$262 million¬†CAD

  • The buyer intends to continue ELAD Canada’s business activities and retain company’s CEO

TORONTO,¬†Oct. 9, 2020¬†/CNW/ –¬†ELAD Group, the controlling shareholder of ELAD Canada, announces today it is selling 100 per cent of its shares to the Rester Management group for a consideration estimated at¬†$508 million¬†CAD, of which¬†$342¬†will be paid on closing and the rest in future payments and earnouts.

Rester Management-Logo

The buyer intends to continue and maintain the operations of ELAD Canada and its key personnel, and retain its CEO, Rafael Lazer, for a period of at least 3 years. The deal is expected to close, subject to completing certain customary conditions precedent, within a 60-day period but no later than March 31st, 2021.

“The transaction reflects the incredible strength and quality of our assets, our expertise, and the positive management of our organization,” says¬†Rafael Lazer, CEO, ELAD Canada.¬†“Our engagement with Rester Management over the past few months has been extensive, I was impressed by their deep knowledge and vast experience, and we are confident this is a value-added partnership for our portfolio, tenants and condo purchasers.”

ELAD Canada will be launching Galleria III, a 31-storey mixed use tower this Fall ‚Äď the third phase of the renowned Galleria on the Park master-planned community in¬†Toronto. Harmonia Condos, the fourth phase in the Cit√© Nature master-planned community in Montr√©al as well as the last phases at the award-winning master-planned community Emerald City, in¬†North York, are also actively selling.