A portion of Edmonton’s tallest tower has been sold.
The lower 29 floors of the 69-storey Stantec Tower have been sold to German real estate fund company Deka Immobilien, ICE District Properties announced in a news release Wednesday.
A spokesperson with the German company confirmed they purchased the property for €345 million, which converts to about C$502 million.
The sale includes just the first 29 floors of commercial space, and not the 37 floors of residential units known as SKY Residences.
“We are very pleased to find a world-class buyer such as Deka Immobilien for the commercial portion of Stantec Tower,” Katz Group CEO Jurgen Schreiber said in the media release.
“The interest shown by a global investor is strong validation of our vision for Edmonton as a vibrant, dynamic and prosperous city with the world-class ICE District at its core.”
Schreiber said “the transaction provides an attractive return on investment to date, and frees up capital for reinvestment in Phase 2, as well as other international sports and entertainment initiatives.”
Watch below: Edmonton’s Stantec Tower opened in September 2018
Phase 2 of ICE District is still in the planning stage, but it includes residential space, a green space and promenade, as well as additional commercial and retail development north of 104 Avenue.
At 251 metres, Stantec Tower is the tallest commercial building in Canada outside Toronto. The tower opened in 2018.