MONTREAL, Oct. 2, 2014 /CNW Telbec/ - SNC-Lavalin
(TSX: SNC) today announced that it has sold its 100-percent
interest in Groupe immobilier Ovation to Quebec City-based Industrial Alliance
Insurance and Financial Services Inc. Groupe immobilier Ovation
owns the concession rights to Montreal's Maison symphonique concert hall,
the permanent home of the Montreal Symphony Orchestra.
In 2009, Quebec's Ministère de
la Culture et des Communications partnered with Groupe immobilier
Ovation to finance, design, build and operate the Maison
symphonique under a public-private partnership (P3) procurement
model. Completed on budget and on schedule in 2011, the 2,100-seat
concert hall was designed and built to meet the highest standards
for acoustics, stage design and architecture.
SNC-Lavalin will continue to provide operations and maintenance
services for this landmark asset and its new owner, Industrial
Alliance, until 2038. At that point, the public-sector partner, the
Government of Quebec, will assume
full responsibility of the concert hall.
"SNC-Lavalin is extremely proud to have provided the funding,
design, construction, and operations and maintenance for this
iconic Montreal landmark that has
contributed significantly to the city's cultural experience," said
Hisham Mahmoud, President,
Infrastructure, SNC‑Lavalin Group Inc. "We play an important role
in Montreal's community, culture
and arts through projects like this one, as well as community
investments. SNC-Lavalin is pleased to enter into this transaction
with Industrial Alliance and to continue our engagement for the
operations and maintenance of this world-class facility for the
next 24 years."
"The acquisition of Groupe immobilier Ovation is in line with
our long-term investment strategy," said Michel Tremblay, Executive Vice-President and
Chief Investment Officer at Industrial Alliance. "We are proud of
our partnership with Quebec's
Ministère de la Culture et des Communications and will do
everything possible to ensure the success of this initiative.
Industrial Alliance is also happy to have the opportunity to work
closely with two other major partners, the Montreal Symphony
Orchestra and Place des Arts."
The purchase price of the sale is approximately $77.6 million, which will be paid using a
combination of cash and assumption of debt. The sale of Groupe
immobilier Ovation is an example of how SNC-Lavalin is managing its
portfolio of infrastructure concession investments to support its
strategic transformation into a global Tier-1 engineering and
construction firm.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial
Services Inc. operates throughout Canada as well as in the United States. The Company offers life and
health insurance, mutual and segregated funds, savings and
retirement plans, securities, auto and home insurance, mortgage and
car loans and other financial products and services for both
individuals and groups. Ranked among the top four life and health
insurance companies in Canada,
Industrial Alliance is one of Canada's largest public companies and trades
on the Toronto Stock Exchange under the ticker symbol IAG.
http://www.inalco.com
About SNC-Lavalin
Founded in 1911, SNC-Lavalin is one of the leading engineering and
construction groups in the world and a major player in the
ownership of infrastructure. From offices in over 50 countries,
SNC-Lavalin's 45,000 employees provide EPC and EPCM services to
clients in a variety of industry sectors, including mining and
metallurgy, oil and gas, environment and water, infrastructure and
clean power. SNC-Lavalin can also combine these services with its
financing and operations and maintenance capabilities to provide
complete end-to-end project solutions.
www.snclavalin.com
SOURCE SNC-Lavalin