SNC-Lavalin sells stake in Montreal concert hall for $77M
SNC-Lavalin says the sale supports its strategic transformation into a global Tier-1 engineering and construction firm
MONTREAL—SNC-Lavalin has sold its 100 per cent interest in Groupe immobilier Ovation to Quebec City-based Industrial Alliance Insurance and Financial Services Inc. for $77.6 million.
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 2,100-seat Maison symphonique under a public-private partnership (P3) procurement model.
SNC-Lavalin will continue to provide operations and maintenance services until 2038. At that point, the public-sector partner, the Government of Quebec, will assume full responsibility of the concert hall.
SNC-Lavalin says the sale of Groupe immobilier Ovation is an example of how it is managing its portfolio of infrastructure concession investments to support its strategic transformation into a global Tier-1 engineering and construction firm.