The Commerce House Changes Hands
Tuesday, April 4, 2006
Assumption Place is proud to announce the acquisition of Commerce House, overlooking St.George and Archibal Streets, in Moncton, New Brunswick.
«The purchase of this building falls within our investment strategy in regard to real estate development for the Moncton area, stated Denis Losier, president and CEO of Assumption Life and Assumption Group.This acquisition will help us diversify our source of income while enhancing our presence in the real estate scene.We are staying open-minded to other business prospects of this kind in Moncton as well as elsewhere in the province. »
A taste of the paste
Mr. Kenneth Losier, Vice-President Administration, Real Estate Holdings and Mortgage Loans, notes that the Assumption Group, by becoming landlord of the Commerce House, is going back to familiar territory. The Commerce House was built by Société l’Assomption in 1955 to house its fourth head office.“We stayed until 1972, then moved to Assumption Place, recalled Mr. Losier.We have fond memories of our stay at the Commerce House.We still have employees who remember working in that building.They are proud that we acquired our old head office.We built the place.We know its every corner and are therefore investing with confidence.”
Assumption Place and the Commerce House will serve two different niches among its tenant, with very different requirements.“This will allow us to better meet the needs of our business clientele,” noted Mr. Losier.
The four-story Commerce House, a 55 000 square-foot building, houses 58 tenants.
Founded in 1972, Assumption Place Ltd is a real estate management firm. It operates over 500 000 square feet of rental space in New Brunswick.Its real estate portfolio holdings includes Assumption Place, located in Moncton – this building houses the head offices of Assumption Life, Carrefour Assomption and Château Edmundston, in Edmundston,and nowCommerce House, in Moncton.
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