Calgary – Strategic group is ordered to put properties with $650 million in mortgages into receivership.
Strategic Group CEO Riaz Mamdani who spoke at an opening ceremony for cube, which is a former office building – which Riaz company has converted into residential use.
Strategic Group was hoping to put more than 50 properties under creditor protection has been rejected, therefore it will be placed in receivership.
Currently during the economic downturn, many vacancy rates has risen. Part of the company’s strategy to recognize the vacancies downtown is to repurpose existing commercial buildings into residential rental apartments.