Canada Post has confirmed to Global News that their main Vancouver office on Georgia and Homer has been sold to B.C. Investment Management Corporation.
The facility that occupies an entire city block has been put up for sale in October of last year.
Company spokesperson Jon Hamilton says it will be business as usual for at least another year. Meanwhile, construction of Canada Post’s new, 700,000-square foot mail and parcel processing facility near the airport in Richmond remains on schedule.
Hamilton would not disclose the sale price.
Here is a statement that Global News received regarding the sale from B.C. Investment Management Corporation:
bcIMC is pleased to confirm that we have purchased the Canada Post site at 349 West Georgia, a 2.98 acre city block in downtown Vancouver from Canada Post.
We see the Canada Post site as a long-term investment that provides a unique opportunity for a large-scale mixed-use development in a desirable and strategic location in downtown Vancouver. The purchase of this property is consistent with our strategy to invest in prime real estate with the potential to provide steady and attractive long-term returns for our pension plan clients.
A redevelopment of this scale requires extensive and careful planning. Redevelopment will commence once sufficient planning has been completed, required approvals have been received and market conditions support it. We look forward to working with the City of Vancouver as we move forward with our planning.
bcIMC is one of Canada’s largest institutional investment managers and is responsible for investing the assets of public sector pension plans within British Columbia. bcIMC invests more than $95-billion of managed gross assets. bcIMC has a long and successful track record of property ownership and real estate development.