VANCOUVER, May 16, 2012 /PRNewswire/ - Bentall Kennedy, on behalf of the Bentall Kennedy Prime Canadian Property Fund (formerly known as Westpen Properties) as well as other Canadian Pension Fund clients, announced today the acquisition of Bentall V, 550 Burrard Street, from Deka Immobilien GmbH (Deka Immobilien).
Bentall V, a 33 storey, 583,000 square foot office tower located in the heart of Vancouver's central business district is one of Canada's premier office towers and a Vancouver landmark. The building, originally developed by Bentall Kennedy in 2002 and 2007, is one of the few vertically phased office towers in the world and is currently 100% leased. Vancouver remains one of the tightest markets in North America with Class A office vacancy rates of approximately 3%.
"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", says Paul Zemla, Chief
Investment Officer for Bentall Kennedy's Canadian operations.
Deka Immobilien had acquired the asset in the spring of 2009.
About Bentall Kennedy
Bentall Kennedy is one of North America's largest real estate investment advisors, providing our clients with access to one comprehensive North American real estate platform. Bentall Kennedy serves the interests of more than 500 clients on assets of more than $27 Billion across 140 million square feet of office, retail, industrial, apartment and hotel properties.
About Bentall Kennedy Prime Canadian Property Fund
The Bentall Kennedy Prime Canadian Property Fund, formerly known as Westpen Properties, is a diversified Core Canadian real estate fund that invests primarily in office, retail, industrial and apartment properties across Canada. Founded in 1982, Prime Canadian has consistently been a top performer for its more than 80 Pension Fund, Trust, Endowment, Foundation and other institutional clients. Current assets of Prime Canadian total approximately $2 Billion.
SOURCE Bentall Kennedy