Bentall V tower in downtown Vancouver sold for record $400 million

Thu, May 17, 2012

Vancouver Real Estate

Bentall Kennedy announced Wednesday that it bought the Bentall V office tower in downtown Vancouver on behalf of Canadian pension-fund clients from German pension fund Deka Immobilien Investment. The real estate adviser bought the 33-storey, 583,000-square-foot office tower for a reported $400 million on behalf of the Bentall Kennedy Prime Canadian Property Fund as well as other Canadian pension fund clients. “Following direct discussions with Deka, we were very pleased to pursue this ‘AAA’ office asset. Our knowledge and comfort with Bentall V, which we developed and have managed since its inception, combined with the very attractive long-term prospects for the Vancouver office market made this a unique opportunity for our clients,” said Paul Zemla, chief investment officer for Bentall Kennedy’s Canadian operations.

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