Strategic group

Strategic group

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.

Reference: https://www.cbc.ca/news/canada/calgary/strategic-group-creditor-protection-receivership-riaz-mamdani-1.5414965

 

Related posts

RECENT CALGARY DOWNTOWN MERGER & ACQUISITION ACTIVITY

Calgary may see more than a million square feet of office space fallout due to M & A activity

Continue reading

Working from home may not be working anymore

2020 brought on a fundamental change in the way we work.  Working from home was a perk that...

Continue reading

Cenovus Energy and Husky Energy merger means job losses and higher downtown vacancy

      Calgary-based Cenovus Energy Inc. will buy Husky Energy Inc. in...

Continue reading
COVID-19 HELP