Canderel's Acquisition of 6355 Viscount Road

TORONTO, ONTARIO--(Marketwired - April 2, 2013) - Canderel today announced that the company has completed the acquisition of 6355 Viscount Road in Mississauga.

The 75,000 sq.ft., three storey office building is in Mississauga's Airport district. The building's current tenant is Sobeys Capital Incorporated. Sobeys will continue to lease the building until 2015.

Richard Diamond, Senior Vice-President of Canderel said "Our purchase reflects Canderel's commitment to additional expansion in the GTA."

Located near the intersection of Highway 409 and Airport Road, the distinctive office building was constructed in 1975. "This is a building in a strategic location, close to Canada's largest airport, and with nearby transit, commuter rail and highway links it has convenient access to the entire region," added Richard Diamond.

Among the property's features is its unusually high parking ratio of over 6 cars per thousand square feet of office space.

The acquisition of 6355 Viscount Road adds another property to Canderel's portfolio in the Toronto area. Canderel already has management and ownership interests in several significant properties including 555 Richmond Street West, 1075 Bay Street, 777 Bay Street and 101 Bloor Street West. Canderel has also developed several award-winning residential projects in Toronto including Aura, Canada's tallest condominium development at Yonge and Gerrard, with 78 storeys, the Residences of College Park I and II, and DNA 3 on King Street West.

ABOUT CANDEREL

The Canderel Group of Companies is comprised of several fully integrated, commercial real estate companies with its headquarters in Montreal. Since 1975, Canderel has grown to become one of the most successful real estate development and management organizations in eastern Canada. Founded by Jonathan Wener, Canderel has established an enviable reputation for its integrity as a major real estate development company and for its sound judgment and knowledge of the commercial, multi-residential and industrial real estate business.

Over the years, Canderel has been intimately involved in all aspects of commercial property development, including land assembly, acquisition and disposal, planning, design, construction, project management, leasing, finance, and property management, and asset management. The group's principal management and development activities are in the office, commercial, industrial and residential markets of Montreal, Ottawa, Toronto, Edmonton and Vancouver, in Canada. Canderel's success to date is largely a reflection of its unique ability to direct all facets of real estate projects, either on its own behalf, for its clients, or in joint venture with partners.