MONTREAL, June 22, 2017 /CNW Telbec/ - SNC-Lavalin announced today that it has completed the sale of its Montreal head office building and the adjacent empty lot of land located on René-Lévesque Boulevard West for approximately $170 million to GWL Realty Advisors on behalf of institutional clients. SNC-Lavalin leases back the building for 20 years.

SNC-Lavalin plans an extensive renovation project that aims to provide employees with modern workspaces designed according to best practices in efficiency, flexibility, innovation and teamwork. Consultation and planning for this project have already started.

"We continue to move forward with our strategy of unlocking value from our assets in order to reinvest in our business. This sale brings several benefits, notably the opportunity to create a work environment that enhances collaboration for our Montreal-based employees, most of whom will be brought together in one main location," said Neil Bruce, President and CEO.

The decision to sell the property was made as part of SNC-Lavalin's Operational Excellence program where we conducted a review of the company's owned real estate portfolio that was announced during the third quarter 2016 financial results. SNC-Lavalin explored real estate opportunities that included putting the Montreal head office property on the market. This initiative led to the sale-leaseback of the head office, which will further contribute to SNC-Lavalin's efficiency and performance as a company.

By undertaking significant renovations to modernize the current workspace, the company will also strengthen its core objective to build a performance-driven culture that inspires employees to be more collaborative and enhances overall efficiency and productivity.

"SNC-Lavalin is here to stay. Our long-term lease demonstrates our commitment to Montreal and to Quebec," continued Mr. Bruce. "We have been an integral part of Montreal's fabric for over a century, and will continue our growth from our downtown Montreal headquarters for years to come."

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 employees are proud to build what matters. Our teams provide EPC and EPCM services to clients in a variety of industry sectors, including oil and gas, mining and metallurgy, infrastructure and 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

About the transaction
This sale-leaseback transaction was facilitated by our real estate agent RBC Capital Markets in association with Cushman & Wakefield.

 

SOURCE SNC-Lavalin

Copyright 2017 Canada NewsWire

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