The historic downtown Montreal building housing Apple‘s new Sainte-Catherine store has sold for $51.93 million to German real estate investment manager Deka Immobilien. The November 5, 2026 transaction follows an extensive heritage restoration and construction project undertaken by Montreal-based SAJO, which transformed the property at 1255 Sainte-Catherine Street West for the technology retailer’s expanded operations.
The acquisition concludes nearly 25 years of ownership by New York’s Gindi family, which reportedly purchased the property in December 2001. Located at Sainte-Catherine Street West and Rue de la Montagne, the building stands directly opposite Holt Renfrew Ogilvy and near the Four Seasons Hotel Montreal, within the city’s Golden Square Mile shopping district.
The property was marketed by CBRE on behalf of ASG Equities, the Gindi family’s real estate investment business. Deka confirmed the acquisition on November 6, identifying the seller as a U.S. family office and stating that the property will be added to its Deka-ImmobilienGlobal real estate fund. The German company did not disclose the purchase price.
SAJO Undertakes Extensive Restoration of Historic Montreal Building
The acquisition follows a major redevelopment of the property, which was built in 1896 and was historically associated with Montreal’s Ogilvy department store. Its heritage-listed stone façade and older structure presented considerable challenges for a conversion intended to accommodate Apple’s contemporary retail operations.
Montreal-based construction company SAJO played a central role in the project, undertaking nearly two and a half years of work combining modern retail construction with extensive heritage restoration. The company has worked with Apple for more than two decades, and the Sainte-Catherine assignment required adapting the historic building to the technical and operational requirements of a major international retailer.
According to SAJO’s account of the redevelopment, the project encompassed approximately 20,000 square feet across four levels and included construction, abatement and historical restoration. One of the most demanding components involved recreating the building’s original patinated copper cornices, requiring coordination with municipal authorities and architects specializing in restoration.
SAJO also employed robotic layout tools, LiDAR scanning and topographical surveys to address irregular floor levels and other complexities associated with the 19th-century structure. The work required precise coordination between modern construction methods and the preservation of historic architectural elements.
Apple independently documented the restoration in its January 2026 store-opening announcement, describing a façade featuring historic Saint-Marc stone from Quebec and local granite. The company also highlighted the extensive restoration of the copper cornice by local artisans.
Deka identifies the entire property as containing approximately 35,833 square feet, of leasable space across four floors.
Apple’s Long-Term Lease Supports Acquisition
Apple opened the new Sainte-Catherine store on January 16, 2026, relocating from its previous location at 1321 Sainte-Catherine Street West, which had operated since 2008. According to Apple, the new store more than doubles the size of its former location and provides additional space for product demonstrations, customer service and technical support.
The expanded store includes dedicated Apple Pickup facilities, Genius Bar services and accessibility features such as varied table heights and wider circulation routes. Apple said the location opened with nearly 200 employees, reflecting the scale of its downtown Montreal retail operations.
The retailer occupies the entire property under a long-term lease, according to Deka. Transaction reporting indicates that the agreement has an initial 15-year term, two renewal options and a triple-net structure, under which the tenant generally assumes responsibility for specified property expenses. Those detailed lease provisions have not been independently confirmed.
The lease provides contractual rental income from an established international retailer. In its November 6 acquisition announcement, Deka identified the property’s long-term secured income stream as an attraction.
Gindi Family’s Ownership Dates Back to 2001
The sale ends a lengthy ownership period for the Gindi family, which reportedly acquired the building through De La Montagne Canadian Venture for $7.4 million in December 2001. The property subsequently underwent a major redevelopment for Apple following a period when the building had stood vacant.
The reported $51.93-million sale price is approximately $44.53 million above the family’s original purchase price. That difference is not a measure of investment profit, as the costs of redevelopment, financing, ownership and the transaction itself have not been established.
The property was marketed for sale earlier in 2026, following completion of Apple’s new store. CBRE reportedly represented ASG Equities in the transaction.
The acquisition was also reported to involve approximately $31.2 million in financing from Sun Life of Canada and the SLC Management Canadian Commercial Mortgage Fund. Retail Insider has not independently examined the mortgage documentation, and Deka’s announcement does not disclose the financing terms.
The family’s ownership spanned significant changes along Sainte-Catherine Street West, including the arrival and expansion of international retailers. The completed Apple redevelopment and long-term lease provided the property with an established tenant and income arrangement when it was offered to institutional buyers.
Deka Expands Canadian Retail Holdings as Montreal Corridor Evolves
Deka Immobilien is part of Germany’s Deka Group, whose real estate division managed approximately €50 billion in assets at the end of 2025. The Apple property will join the Deka-ImmobilienGlobal fund, which already holds Canadian real estate investments in Edmonton and Vancouver.
The acquisition adds Montreal to that fund’s Canadian geographic exposure and introduces high-street retail to its mix of property uses in the country. Deka already had a separate investment in Montreal, having acquired Tour Deloitte in January 2026 for its Deka-ImmobilienMetropolen fund. The company said the Apple property purchase was funded partly through resources available to Deka-ImmobilienGlobal, including proceeds from property sales completed during 2026.
The property’s location is another important consideration. Apple occupies a prominent corner opposite Holt Renfrew Ogilvy, with Alo Yoga operating nearby and several international retailers investing in larger downtown Montreal stores.
Earlier this year, Lululemon opened an approximately 11,600-square-foot store at 1035 Sainte-Catherine Street West, replacing a smaller nearby location. JD Sports also opened a downtown flagship at 777 Sainte-Catherine Street West in August, adding to the corridor’s concentration of international brands.
Montreal is undertaking a multiyear reconstruction of Sainte-Catherine Street West. According to the City of Montreal’s November 2026 project update, work between Peel and Saint-Marc streets is being carried out in phases from 2025 through 2030, including replacement of aging underground infrastructure, wider sidewalks, new street furniture and additional greenery.
The improvements are intended to strengthen the pedestrian environment along one of Canada’s best-known shopping streets, although construction presents short-term challenges for surrounding businesses. The Apple property sits within this retail district, where private-sector investment is taking place alongside substantial municipal infrastructure work.
Deka’s latest acquisition brings a recently restored heritage property and a long-term Apple tenancy into its international real estate portfolio. The surrounding Sainte-Catherine corridor, meanwhile, faces several more years of reconstruction as Montreal works to improve the public spaces serving its downtown retailers.
