Grouse Mountain Resorts has reached an agreement to sell its operations, which include more than 1,200 acres of privately held land on Grouse Mountain, CBRE vice-chairman Tony Quattrin confirmed to Business in Vancouver on July 13.
“We’ve been told not to speak with anybody until [the transaction] closes, which is a few days from now,” said Quattrin.
BIV contacted Quattrin after The Globe and Mail published an article on July 12 that said Shanghai-based China Minsheng Investment Group is expected to close a deal to buy the property for approximately $200 million as early as next week.
Quattrin and his team embarked on a global marketing campaign to sell Grouse Mountain in September and they received what Quattrin said were “multiple” offers from qualified buyers.
He confirmed that the asking price for the mountain’s operations was $200 million but said that this was not an indication of how much the sale price would be.
Canada’s McLaughlin family, which has previously owned B.C. companies such as Whistler Water, owns the mountain as part of its 3 Angels Holdings Ltd.
Principals are West Vancouver’s Stuart McLaughlin and his Ontario-based sisters Julie McLaughlin and Joanne McLaughlin.
The siblings’ late father, Bruce McLaughlin started investing in the mountain in the 1980s, when Grouse Mountain was a public company. Bruce McLaughlin had made his money in Ontario real estate and he was looking to diversify his holdings. Stuart McLaughlin started working at the mountain in 1988 and was a main driver in taking the company private in 1989, Stuart McLaughlin told BIV in 2012.
(Click here to read a profile of Stuart McLaughlin that appeared in BIV in 2012)
All brokers who were working on the transaction to sell the mountain signed confidentiality agreements, Quattrin said.