Allied Properties Real Estate Investment Trust (Allied) will provide Westbank with up to $185 million to fund the acquisition of an office building at 720 Beatty Street in Vancouver. The funds will also go towards pre-development costs and initial construction costs if necessary.
Located on the southwest corner of Beatty and West Georgia, the property is comprised of 51,817 square feet of land that Westbank intends to transform into an “urban workspace” by 2023.
According to the press release on completion of construction, Allied intends to become a 50 per cent owner of the 620,000 square-foot development and Westbank will manage it.
“Providing this funding to Westbank will enable us to generate an accretive return from the outset,” said Michael Emory, President & CEO in Allied’s press release. “As importantly, it will in time enable us to serve knowledge-based organizations more fully in Vancouver’s thriving urban workspace market.”
The funding is scheduled to start sometime this month.