Germany’s largest pension scheme Bayerische Versorgungskammer (BVK) has invested in a mixed-use asset in Canada via a partnership with a LaSalle Investment Management fund.
LaSalle said its flagship core real estate fund in Canada, LaSalle Canada Property Fund (LCPF) has acquired Edmonton City Centre, together with Universal-Investment on behalf of BVK, and two managing owners, North American Development Group and Canderel.
The 1.4msqft asset includes TD Tower, Oxford Tower and Centre Point Place spanning three city blocks in downtown Edmonton’s central business district.
John McKinlay, LaSalle Canada CEO, said: “We are pleased to complete this transaction with our partners, as it represents a rare opportunity to own a landmark mixed-use asset with a strong tenant roster in the heart of Edmonton’s downtown core.
“This acquisition aligns well with LCPF’s objective to provide investors with immediate exposure to a diverse and mature portfolio of assets focused in Canada’s six major markets.”
Launched in 2017, the open-ended LCPF fund targets core properties in major markets across Canada.
Michael Cornelissen, senior vice president of acquisitions for LaSalle Canada, said: “This transaction is emblematic of our ability to source world-class properties with industry-leading partners.
“We see tremendous potential in the Edmonton City Centre acquisition given the growth momentum of the adjacent Ice District, light rail transit connections that are supporting continued urban gentrification and population growth.”