Several unnamed Canadian pension plans, along with Bentall Kennedy Canadian Property Fund, have acquired the Bentall V office tower in downtown Vancouver in what’s being called a record-making deal for the city. The 583,000-square foot building was bought from German pension fund Deka Immobilien Investment for $400 million, reports the Vancouver Sun.
The other pension funds in on the deal have not been identified.
“The other clients, other than the Bentall Kennedy Prime Canadian Property Fund, don’t wish to be disclosed,” Paul Zemla, chief investment officer for Bentall Kennedy’s Canadian operations, told the Vancouver Sun. “The Bentall Kennedy Prime Canadian Property Fund is our open-ended core Canadian real estate fund that has a number of institutional investors in it.”
Deka Immobilien Investment bought the building in 2009 for $297 million from the real estate subsidiary of the Caisse de dépôt et placement du Québec.