Cominar and ELNA Medical Announce Opening of Ultra-Modern Medical Complex

Montreal-based ELNA Medical, which forms the largest network of medical clinics in Canada, and Cominar (CUF.UN), one of Canada’s largest real estate investment trusts, announced on Monday the creation of a brand new medical complex at the Rockland Center in the Town of Mount-Royal (Quebec).

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The clinic, which will open its doors at the end of 2021, will offer easy and rapid access to quality care, including preventive and personalized medicine, by using advanced technology.

This first agreement between the two organizations will allow the opening of a healthcare center of nearly 24,000 square feet, whose aim will be to serve the entire surrounding community while being at the forefront of technologies in health care. It will offer a family medicine group (FMG), including an emergency appointment service and several medical specialties whose consultations will be covered by the RAMQ, laboratory services, a private corporate medicine clinic, a medical clinic, and aesthetic and physiotherapy clinics. Like the other clinics in the ELNA Medical network, in-home and telemedicine services will also be available.

Sébastien Dubois, Vice President, Leasing – Retail at Cominar, said, “We’re really excited to bring ELNA Medical and Rockland Centre together. ELNA is Canada’s largest network of primary and specialty healthcare clinics. We are certain that this new offering within Rockland Centre will enhance our guest experience while ensuring another successful operation for ELNA Medical in Quebec. This new medical complex will definitely be a highlight of our work to diversify use and turn our shopping centers into everyday destinations. In fact, this additional service will give more than 25,000 visitors a year the opportunity to take advantage of other services, retailers, and restaurants at Rockland Center.” (See Cominar Real Estate Investment charts on TipRanks)

On July 6, CIBC analyst Sumayya Syed initiated coverage of CUF.UN with a Hold rating and a price target of C$11.50. This implies 5% upside potential.

Syed said, “The pandemic has halted the FPI’s progress in stabilizing its business, accentuating Cominar’s weaknesses in retail and suburban office buildings.”

The rest of the Street is neutral on CUF.UN with a Hold consensus rating based on 4 Holds. The average Cominar Real Estate Investment price target of C$11.25 implies 2.75% upside potential to current levels.