Allied Properties Real Estate Investment Trust (Allied) is acquiring a 50 per cent interest in a Westbank office project in Vancouver at 400 West Georgia Street.
Westbank is planning 345,000 square feet of gross leasable area (GLA) for the building, with completion in early 2020. Located between Homer and Richards Streets, the overall property makes up 20,922 square feet of land. It is between Allied’s Yaletown and Crosstown portfolios, close to the expanding downtown core.
“In addition to deepening our relationship with Westbank and ultimately expanding our Vancouver GLA by 60 per cent, this transaction will enable us to generate an accretive return on our investment from the outset,” said President and CEO Michael Emory. “It will also enable us to acquire an undivided 50 per cent interest in a distinctive urban office property, giving rise to a high levered yield, material accretion and significant value creation.”