The Financial Post reports in its Wednesday, Nov. 6, edition that Eric Fortin, president of Kastello Immobilier and son of Alimentation Couche-Tard cofounder Richard Fortin, is expanding the family's investment in Canada's booming real estate market. A Bloomberg dispatch to the Post reports that since its founding in 2018, Kastello has invested in nearly 30 projects, primarily rental residential properties, and has committed over $100-million from the Fortin family. One notable project is Solstice, a 44-storey luxury tower in downtown Montreal. The Brossard-based company has built over 1,700 rental units and plans to add another 1,300 in the next few years.
For Mr. Fortin, real estate is a way to expand the family holdings beyond its convenience store empire, which includes more than 16,000 locations around the world. Couche-Tard wants to expand further with its $47-billion (U.S.) bid for 7-Eleven owner Seven & I Holdings Co. Eric Fortin and Richard Fortin own almost 32 million shares combined in Couche-Tard, an interest worth $1.7-billion (U.S.), according to the Bloomberg Billionaires Index. The rental market in Quebec has seen robust growth with a record number of immigrants flooding in.
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