Cominar REIT

What Cominar REIT does

Cominar Real Estate Investment Trust is a Quebec-based private real estate investment trust that owns and operates a portfolio of 9 commercial properties across the province, comprising 7 retail and shopping centre properties and 2 office properties in strategic locations including Montreal, Quebec City, Laval, Brossard, Gatineau, and Repentigny. The company serves retail tenants, office tenants, and shopping centre visitors through integrated property management and direct leasing operations staffed from headquarters in Quebec City and a regional office in Montreal. Cominar's revenue is generated through recurring rental income from its commercial property leases, with the company historically distributing monthly cash distributions to unitholders.

The company's core products include its commercial and office property portfolio, the Vitrine Cominar multi-merchant gift card program spanning over 600 merchants across 8 destinations, and the bonap branded food court at Alexis Nihon. Cominar maintains the espaces.cominar.com digital platform for online property leasing inquiries. The technology stack is described as a real estate property management and leasing platform with no proprietary AI or technology features disclosed. The company has invested in tenant experience through experiential marketing initiatives, cultural events, and community campaigns, while operating a turnkey property management model offering repairs, cleaning, maintenance, and 24/7 emergency assistance.

Cominar was originally founded in 1998 as a publicly traded REIT on the TSX (CUF.UN) and was taken private in March 2022 through an acquisition by a Canderel-led consortium at $11.75 per unit, with a special $7.1252 per unit distribution paid on closing. Following the take-private, Mario D. Morroni was appointed President and CEO in April 2022. The company remains privately held under the consortium's ownership, operating with 251-500 employees focused exclusively on its Quebec commercial real estate portfolio.

Name

Cominar REIT

Legal name

Cominar Real Estate Investment Trust

Website

https://cominar.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

251–500 employees

Short description

Cominar REIT is a privately held Quebec-based real estate investment trust that owns and manages 9 commercial properties (7 retail and 2 office) across strategic Quebec locations, leasing space to retail, food service, and office tenants through direct leasing teams and the espaces.cominar.com platform.

Ownership category

akta.pro rank

Headquarters

HQ city

Quebec

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Rental Income from Commercial Properties: Cominar generates revenue primarily through commercial and office property rentals. The company distributes monthly cash distributions to unitholders, with a portion being taxable. A special distribution of $7.1252 per unit was issued in March 2022 following the acquisition transaction.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Cominar REIT owns and operates a regional portfolio of 7 commercial/retail shopping centres and 2 office properties concentrated in Quebec, leasing space directly to retail tenants and office tenants. The company provides integrated property management services including repairs, cleaning, maintenance, and 24/7 emergency assistance, and supports leasing activity through its espaces.cominar.com digital platform. Complementary offerings include the Vitrine Cominar multi-merchant gift card program accepted at over 600 merchants and the bonap branded food court at Alexis Nihon.

Product overview

Cominar REIT operates as a real estate investment trust managing a diversified portfolio of commercial retail and office properties across Quebec and Ottawa. The company offers property leasing services through its digital platform espaces.cominar.com, manages a network of 7 retail shopping centres and 2 office properties, and operates complementary products including the Cominar Vitrine gift card (accepting over 600 merchants across 8 destinations) and the bonap branded food court at Alexis Nihon. The portfolio includes notable properties such as Mail Champlain, Centropolis, Alexis Nihon, DUO Centre Laval, Galeries de Hull, and Galeries Rive Nord.

Differentiator

Problem solved

Functional benefit

Brands

• bonap: Food court brand at Alexis Nihon shopping centre in Montreal. A contemporary food court featuring multiple restaurants with a distinctive brand identity emphasizing community, authenticity, and memorable culinary experiences.

Products and services

• Commercial Properties Portfolio A portfolio of 7 commercial/retail properties in Quebec (including Mail Champlain, Centropolis, Alexis Nihon, Galeries de Hull, Galeries Rive Nord) leased to retail tenants with integrated property management, repairs, cleaning, maintenance, and 24/7 emergency services.
• Office Properties Portfolio A portfolio of 2 office properties in Quebec offering office space leasing to tenants, supported by Cominar's integrated property management services.
• Espaces.cominar.com Online platform where prospective tenants can browse and inquire about available office and retail spaces across Cominar's real estate portfolio.
• Cominar Vitrine Gift Card A multi-merchant gift card program providing access to over 600 stores, restaurants, and experiences across Cominar's 8 commercial destinations, supporting customer traffic to tenant locations.
• bonap A branded food court experience at Alexis Nihon shopping centre featuring 13 restaurants with plans for 3 more by early 2026, with a contemporary, vibrant identity and tagline 'A Tasty Kind of Moment'.

Quantifiable outcome

• Nearly 50% of employees participated in Centraide campaign; payroll donor target exceeded by 40%
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered minor and core.

• Sammi & Soupe DumplingminorChannel Partner/ Reseller/ Distributor · 16 March 2026Chinese restaurant chain operating 9th location at Centropolis in Laval (first in Laval). Known for authentic xiao long bao and traditional dumplings prepared by hand. Partnership described as efficient and appreciated.
• CentraideminorOthers · 11 February 2026Charitable organization receiving support through Cominar's annual campaign. Nearly $1 million donated over the years. Cominar's 2026 campaign saw nearly 50% employee participation with payroll donor target exceeded by 40%.
• MINISOcoreChannel Partner/ Reseller/ Distributor · 5 February 2026MINISO operates retail stores within Cominar's shopping centers. Third store opened at Mail Champlain in February 2026. MINISO is an award-winning brand (Best New Retail Concept at MAPIC Awards 2025) offering diverse, trendy, affordable products. Strategic partnership based on trust and transparency for long-term store success.
• OnedotminorStrategic or Co-development Partner · 7 January 2026Quebec-based creative agency responsible for creative vision of Destination Voie lactee immersive winter installation at Centropolis Place Centrale. Installation features seven luminous towers 20-25 feet tall with changing light effects.
• CR34TEminorStrategic or Co-development Partner · 7 January 2026Quebec-based company responsible for technical deployment of Destination Voie lactee immersive winter installation at Centropolis.
• McDonald's (Pierre-Charles Tardif franchise)coreChannel Partner/ Reseller/ Distributor · 1 December 2024McDonald's restaurant opened at Mail Champlain in late 2024. Dining-room expansion project representing ~45% increase in seating is planned. Strong business relationship built on shared values with nearly 10% higher foot traffic at entrance 3.

Scale indicators4 records

Recent moves7 records

Expansion highlights3 records

Broad incumbents

• H&R REIT: Diversified Canadian REIT with retail, office, industrial, and residential segments. Broader incumbent peer to Cominar, with overlapping retail and office exposure but a much larger and more diversified portfolio.

Direct peers

• Choice Properties REIT: Canadian retail REIT (owned by Loblaw) with ~750 properties across Canada. Directly comparable to Cominar in retail property leasing and tenant mix, with overlapping Quebec exposure.
• RioCan REIT: Canada's largest retail REIT with ~190 properties concentrated in Ontario, Quebec, and Alberta. Directly comparable to Cominar as a retail landlord with a similar tenant base and property management approach, though at much larger scale.
• Morguard REIT: Canadian REIT with diversified retail and office properties. Comparable to Cominar in mixed retail/office portfolio composition and Canadian geography, though broader in scope.
• Crombie REIT: Canadian REIT focused on grocery-anchored shopping centers. Comparable to Cominar in retail property type and tenant composition, with similar property management functions.
• First Capital REIT: Canadian open-ended REIT focused on grocery-anchored, necessity-based retail. Directly comparable to Cominar in retail leasing and shopping center operations, with overlapping Quebec and Ontario exposure.
• BTB REIT: Quebec-based retail REIT with unincorporated open-ended trust structure. Direct geographic and structural peer to Cominar, focused on retail properties across Quebec.

Regional players

• Allied Properties REIT: Canadian REIT focused on office and urban workspace. Comparable to Cominar's office segment in particular, though concentrated in Toronto, Montreal, and Western Canada urban centers rather than Quebec retail.

Emerging players

• Slate Office REIT: Canadian REIT focused exclusively on office properties. Comparable to Cominar's office segment in particular, though with broader geographic exposure and a smaller, more focused portfolio.

Others

• Canderel: Quebec-based real estate company that led the 2022 consortium acquisition of Cominar. Comparable as parent/sponsor and as a Quebec commercial real estate operator with overlapping market expertise.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCyzMztumemPzms46crjN7PA
• Facebookfacebook.com/FPICominar
• LinkedInlinkedin.com/company/988378

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cominar REIT