Mach Buys Canada Apartments in $415 Million Bankruptcy Deal

Canada’s Groupe Mach Inc. is acquiring residential properties with close to 2,000 units as part of a deal that will see it take over $415 million of mortgages from a crumbling real estate entity.

The buildings were part of Groupe Huot, a Quebec-based diversified company that faced a liquidity crisis because of rising interest rates this year and saw a number of its businesses placed into a bankruptcy process. The company, controlled by Stephan Huot, owned residential and commercial properties, a medical transportation service and even a manufacturer of space-ready technical clothing.

The Huot empire’s debts totaled about C$1.2 billion ...