Deka-ImmobilienGlobal Acquires Vancouver Office Building for $300M

Deka-ImmobilienGlobal entered the Canadian market on May 15, 2009, with the acquisition of the office and commercial building “Bentall V” in Vancouver. The class-A trophy property, which was completed in 2007 and is located in the business centre of Vancouver, was acquired for the equivalent of approximately $300,000,000. The vendor was the Canadian property company SITQ, a real estate subsidiary of the Caisse de dépôt et placement du Québec, headquartered in Montréal.

The 33-storey tower has a total leasable area of approximately 585,000 square feet and was acquired by the mutual fund Deka-ImmobilienGlobal with an international investment focus. Deka-ImmobilienGlobal is part of the DekaBank Group, the largest provider of open-ended property funds in Germany.

Deka-ImmobilienGlobal was represented by Blake, Cassels & Graydon LLP, with a team consisting of Jeffery Merrick, Bavia Bisetty and Christopher Jackson (real estate), and John-Paul Bogden (corporate) in Vancouver with Jason Gudofsky and Maurizio Romano (competition) in Toronto.

SITQ was represented by Charles Bourgeois, director, legal affairs at SITQ, and by Borden Ladner Gervais LLP, with a team consisting of Sylvie Bouvette (real estate) in Montreal, Shelley Munro (real estate) in Vancouver and Eric Dufour (competition) in Toronto.