It’s one of the most valuable pieces of commercial property in Canada and now Vancouver’s Bentall Centre is up for sale.
It is located right in the heart of the city’s business district and the iconic white towers and the attached underground complex house more than 1.5 million feet of office and shopping space.
The current owner, Quebec-based Ivanhoé Cambridge, is now looking for buyers and the price is expected to top $1 billion. Ivanhoé Cambridge also has a partner who holds a partial interest in the property as well.
“Just given the size of the asset, I think it’s safe to say this will, without doubt, be one of the largest sales that will have occurred in this city,” said Kurt Kuester with Colliers International.
The buildings were built between 1969 and 1981.
Kuester said Ivanhoé Cambridge’s decision to sell is probably no more than a portfolio decision. “Evaluation is for certain a big motivation, but after that it would be a number of other considerations,” he said.
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