Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
Crombie REIT has reached an agreement with Westbank to acquire the remaining 50% interest in The Zephyr at 1661 Davie Street for $133M.The property, known as The Zephyr , consists of 21-storey and 22-storey residential towers with a total of 330 rental units above a large commercial space anchored by Safeway, and is located between Bidwell Street and Cardero Street in the West End of Vancouver, a few blocks east from Beach Avenue and English Bay.
"We are pleased to announce that upon closing of this transaction, Crombie will become the sole owner of one of Canada's premier rental residential assets," said Crombie REIT President & CEO Mark Holly. "Zephyr is in one of the country's top markets and further enriches the quality of our rental residential platform.
In March, Westbank sold majority ownership stakes in both the Deloitte Summit office tower in Vancouver and the 19 Duncan mixed-use tower in Toronto to its partner in those projects, Allied Properties REIT. The transaction saw Allied Properties REITit made to Westbank into equity and left Westbank with just a 10% and 5% stake in the two projects.
Zephyr Crombie Reit Commercial Real Estate
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