The Globe and Mail is reporting that construction lender Wanda Corp. will acquire the entire portfolio of four Canadian companies that make temporary buildings, including the company behind the World Bank’s $2.8-billion World Bank City project in New York City.
Wanda’s acquisition of the properties is part of a broader deal that includes Wanda Group’s $6.4-billion purchase of BMO Capital Markets and BMO’s $1.6-billion takeover of TD Bank.
The Globe is reporting the four properties include two major skyscrapers, one in Toronto, and the other in Vancouver.
One of the skyscrapings is in the City of Toronto and the others are in Vancouver and Calgary.
The other three are in Toronto and Montreal.
The news comes on the same day that a report from TD Bank said the city of Toronto will receive $1 billion in construction loans for the new World Bank project.
Wandsworth, Ont.-based Wanda is one of Canada’s biggest builders of temporary buildings.
In recent years, the company has been making waves in the construction industry.
In 2015, Wanda acquired two of Canada ‘s most important steel producers, BHP Billiton and the country’s largest steel mill, Athabasca Iron and Steel.
Wambach said the company had been trying to acquire these properties for some time, but the timing couldn’t have been better.
“We are delighted to partner with the Wanda group on this transaction,” Wambak said in a statement.
“As we have done with many other important businesses over the years, we have sought to leverage Wanda Capital Markets to develop our assets in a way that is both sustainable and fair.”
Wanda CEO John Birtles said in his statement that the companies are “firmly committed to building sustainable buildings and working collaboratively to build sustainable cities.”
The companies have built the largest number of temporary homes in Canada, including a total of nearly 800 structures across six provinces.
The deal, which is subject to regulatory approval, includes the purchase of Wanda Bank ‘s stake in BMO and TD Bank ‘ s share in TD Capital Markets.
Wanyacorp, which will be led by former World Bank managing director David Wambakh, will continue to operate as a wholly-owned subsidiary of WBC.
Wandak said the combined company will continue building the world’s most durable construction materials and services.
The combined company’s operations will include building the World’s tallest skyscraper, the world ‘s tallest residential tower, the World ‘s largest office tower and the world s largest mixed-use development.
The Wanda-TD Bank deal is subject, in part, to regulatory approvals.
In a statement, TD Bank President and CEO Michael Lawsky said, “We have been focused on building a strong Canadian construction sector for over a decade and look forward to working closely with Wanda on this investment.
WBC has been building skyscrapes for over 50 years and we remain committed to investing in a sustainable, safe, and resilient construction sector.”
Wambaks statement said that while the new Wanda construction will bring more sustainable building products and services to the Canadian construction industry, Wambaghs investment will not result in the creation of jobs or revenue for Wanda.
“This is a strategic and strategic transaction that will enable Wanda to invest in the future of construction, create jobs and bring meaningful revenue to Wanda, TD, and to the economy of Canada,” Wanda said.