- What Emergia has agreed to acquire Kraken Holding’s real estate portfolio
- Why Kraken operates in Quebec’s Abitibi-Témiscamingue region
- What next The parties are conducting due diligence
Emergia has agreed to acquire Kraken Holdings’ real estate portfolio, worth $121m.
Kraken, led by Yannick Richard and Jonathan Bourgelas-Nicol, develops and operates properties in Quebec’s Abitibi-Témiscamingue region. It has signed a letter of intent with Emergia, and the parties are conducting due diligence.
Emergia, based in Montreal, owns, operates and develops real estate across asset classes, primarily in Quebec and Ontario. The company is in the midst of a reorganization and is refocusing on its core mission.
In April, it entered into an agreement with Palos Capital Corp., a financial services firm based in Montreal, whereby Palos is considering investing in the company via the issuance of convertible debentures.