Deka Immobilien has announced the sale of the Bentall V office building in Vancouver for EUR 311 mln. The buyer is North American real estate adviser Bentall Kennedy, which acquired the asset on behalf of the Bentall Kennedy Prime Canadian Property Fund as well as other Canadian pension fund clients.
Deka Immobilien has announced the sale of the Bentall V office building in Vancouver for EUR 311 mln. The buyer is North American real estate adviser Bentall Kennedy, which acquired the asset on behalf of the Bentall Kennedy Prime Canadian Property Fund as well as other Canadian pension fund clients.
Built in two phases in 2002 and 2007, the property was acquired for open-ended mutual property fund Deka-ImmobilienGlobal in 2009. The tower, situated in the heart of Vancouver's central business district, is one of the city's landmark buildings.
In a statement, Deka said the deal was an example of the anti-cyclical management strategy of Deka-ImmobilienGlobal. 'The property was acquired in the spring of 2009 at a time of considerable uncertainty in the global financial markets. Given the strong performance of Vancouver's office sector since that time, management is taking advantage of the opportunity to secure significant sale proceeds for the fund in the short term,' the German open-ended fund manager said.
