(Source: The Vancouver Sun)
The landmark Bentall 5 office tower in downtown Vancouver has been sold to a German investment firm for $300 million, the companies involved in the transaction reported Wednesday.
The German firm Deka Immobilien Investment GmbH made an unsolicited bid to buy the 33-storey, 583,000-square-foot office tower, the last major office building to go up in the city’s downtown core, from its developer, SITQ, the real estate subsidiary of the Quebec pension fund Caisse de depot et placement du Quebec.
Deka secured commercial realtors CB Richard Ellis to seek out and acquire a Class A building in Vancouver as a means to diversify its portfolio “in an attractive and sound location with good growth prospects,” Deka’s Thomas Schmengler, managing director, said in a press release.
Read Derrick Penner’s full article “Vancouver’s landmark Bentall building sells for $300 million” in the Vancouver Sun (May 20, 2009)