CBRE Montreal’s National Investment Team has brokered the sale of Mondev’s 230-unit Laurence apartment project in Old Montreal.
The unnamed buyer, represented by Canadian Urban Ltd., is a European family office and this is the second Montreal building they’ve acquired from local developer Mondev, with CBRE and Canadian Urban serving as intermediaries in both off-market deals.
Construction was completed in 2024 on the Laurence, an eight-storey, 180,887 sq. ft. building adjacent to an acre of land at 240 Notre-Dame St. W. The building has 21,000 sq. ft. of unleased retail space at ground level.
“It occupies almost an entire city block,” says Scott Speirs, Montreal lead for CBRE’s National Investment Team. “There is no other land available of this scale in Old Montreal that would be available for a development like this. It’s next to impossible to replicate.
“It's a unique and high-quality project and that was certainly part of this asset’s appeal for the purchaser.”
Speirs sold the same foreign buyer Mondev’s Mille Deux Cents Mackay, an 11-storey, 125-unit purpose-built rental apartment at 1200 Mackay St. in Montreal’s Golden Square Mile neighbourhood.
“The Montreal multifamily market has gotten a lot tougher, especially for new apartment buildings,” he adds. “The fact that we've got both these deals done is a great outcome for our client.”
Foreign Capital Loves Canada CRE
Foreign investors are loving Canadian commercial real estate right now.
“Canada has become increasingly attractive to international capital that is seeking a safe haven,” Speirs says. “Against the backdrop of all the geopolitical and economic uncertainty, investors are looking for a stable, secure place that has strong economic fundamentals to invest into.”
He notes that the Laurence is the second major trophy asset in Montreal sold to a European buyer this year, the first being Deloitte Tower, acquired by German investment bank and asset manager DekaBank from Cadillac Fairview in January.
And another major Montreal transaction involving a foreign purchaser will be closing in a few weeks, according to Speirs, who is working on the deal.
Investment Extends Beyond Montreal
Foreign capital’s Canadian commercial real estate spending spree extends beyond Montreal.
In Vancouver, Spanish investment firm Pontegadea in 2025 purchased The Post, a former Canada Post building turned office complex, for a reported $1.1 billion, a deal brokered by CBRE’s National Investment Team representing the seller QuadReal Property Group.
In Toronto, a French private investor recently paid $90.75 million to purchase the 148-unit 150 Roehampton apartment property from Minto Apartment REIT, represented by CBRE’s National Investment Team.
Then there’s the $4.5 billion acquisition of InterRent REIT by CLV Group and GIC, which manages the Singapore government’s financial assets. (In 2023 GIC in a joint venture with Dream Industrial REIT bought Summit Industrial REIT for $5.9 billion.)
And Nippon Express Holdings Inc., a Japanese investor, recently announced it was purchasing Metro Supply Chain Inc., a Montreal-based nationwide supply chain solutions provider, for $2.2 billion.
“There's definitely a theme we're seeing in the market these days,” says Speirs. “Foreign capital is looking at Canada as a beacon of security amid the ongoing global turmoil
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CBRE Montreal’s National Investment Team has brokered the sale of Mondev’s 230-unit Laurence apartment project in Old Montreal.
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