Photo: Marie-France Coallier The Duty
The president and chief executive officer of the cooperative group financial, Guy Cormier, explained in a press release that this acquisition would add to the”competitive offer” from Desjardins in the area of mortgage financing.
The canadian Press and
Julien Arsenault, The canadian Press
The Desjardins group is embarking in the service of selling real estate without an intermediary by purchasing DuProprio as well as the canadian operations of brokerage of the british society Purplebricks.
This transaction with Purplebricks Group, announced on Wednesday and valued at approximately $ 60.5 million, will be added to the mortgage financing activities and the group’s insurance financial cooperative in quebec.
Then the trademark DuProprio is estimated to be associated with about 20% of real estate transactions, Purplebricks Canada, formerly called Comfree, is present in Ontario, Manitoba and Alberta. These two brands are around 500 employees — including 300 in Quebec.
“Thanks to our competitive offering in mortgage financing and with this new acquisition, we will continue to support the people, whether they opt for a broker or for a service without any intermediary “, said president and chief executive officer of Desjardins group; Guy Cormier, in a press release.
DuProprio returns under the control of the interests of quebec, approximately two years after it was sold by yellow Pages for $ 51 million, in the framework of the refocusing of its activities. It is Desjardins, who began discussions last September.
Desjardins said they intended to leave in place the management teams of the network of sale of real property assisted, which saw the light of day in 2007 in Lévis, and do the same for Purplebricks Canada.
“We are a service that has been created by and for Quebecers, in order to offer an innovative alternative for all those wishing to sell their property without an intermediary “, said the president and chief executive officer of DuProprio, Marco Dodier, welcoming the return of the mark under the control of quebec.
According to the data provided by Purplebricks, the activities assigned to Desjardins group posted an adjusted operating loss of $ 4.8 million for the 10 month period ended April 30, 2019.
In its most recent annual report, Desjardins claims to be the leader of the mortgage credit in Quebec, with an estimated market share of 38 %.