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