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Home > Car Insurance News > Desjardins Financial Security Acquires Three Residences for Independent Seniors
Desjardins Financial Security Acquires Three Residences for Independent Seniors
Levis, January 25, 2006 -- Desjardins Financial Security, the top life and health insurer in Quebec and the fourth largest in Canada, recently acquired three multi-residential buildings for independent seniors in the Quebec City area at a cost of $31,275,000. These purchases are part of Desjardins Financial Security's real estate investment strategy and are helping to diversify its portfolio geographically by increasing its presence in the Quebec City area.
"With the large number of baby boomers who will be turning 65 by 2011, the ageing population poses a major challenge in many respects, particularly in terms of housing. This is one of the reasons we are investing more in residential complexes that meet the expectations and needs of retirees," indicated the President and Chief Operating Officer of Desjardins Financial Security, Mr. François Joly.
Built in 1988, L'Auberge Katerina is a retirement residence with 91 units located at 1 boulevard Johnny-Parent in Quebec City's Haute-Saint-Charles district.
Le Manoir Champfleury is a retirement residence located at 1950 avenue Champfleury in Quebec City's Limoilou district. Built in 1936, the building was expanded and converted into a residential building in the 1990s and now has 132 apartments.
Erected in 1971 and renovated in 2000-2001, Le Manoir Le Flandre, is also a retirement residence, with 144 apartments, located at the intersection of 1ère Avenue and boulevard Benoît XV, also in the Limoilou district.
Desjardins Asset Management, a member of the Desjardins Group that handles real estate investments, signed the transaction on behalf of Desjardins Financial Security.
Keep in mind that Desjardins Financial Security also owns a retirement home in Laval, Le Renoir, and that it is investing $28 million in Les Résidences Jardins de Renoir, a multi-residential project with 270 units currently under construction at 1400 boulevard Chomedey in Laval. "By being at the forefront of the development and offer of innovative health insurance products, Desjardins Financial Security is attentive to the financial security of seniors so that they are prepared to take full advantage of their retirement. By investing in residential complexes that meet their expectations and needs, it is showing the same concern for their physical security," concluded Mr. Joly.
About Desjardins Financial Security
Desjardins Financial Security is a subsidiary of the Desjardins Group, the largest integrated cooperative financial group in Canada. Specialized in both group and individual life and health insurance and retirement savings, over 5 million Canadians from coast to coast rely on Desjardins Financial Security every day to ensure their financial security. It employs 3,628 people and manages more than $16 billion in assets. The company has offices in a number of cities nation-wide including Vancouver, Calgary, Winnipeg, Toronto, Ottawa, Montreal, Quebec City, Levis and Halifax.
About Desjardins Asset Management
Desjardins Asset Management, a subsidiary of Desjardins Group, manages over $30 billion from the equity of the insurance subsidiaries and management authorizations that it has been awarded by other Desjardins Group components. Desjardins Asset Management brings together over 170 professionals in Montreal, Quebec City, Toronto and Vancouver. Its operations include mortgage investments and business financing, real estate investments, securities investments and financial engineering. Desjardins Asset Management is a group of investment experts recognized for its value-added approach and innovation with regard to its asset management, advisory and financial product development services.
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