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Allied Properties REIT to lend C$185M for Westbank project in Vancouver, Canada

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Real Estate

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Allied Properties REIT to lend C$185M for Westbank project in Vancouver, Canada

Allied Properties REIT agreed to lend up to C$185 million to Westbank to fund the latter's urban workspace project at 720 Beatty St. in Vancouver, Canada.

The amount, to be issued as a 7% fixed-rate first mortgage, will be used to fund the acquisition of 51,817 square feet of land, pre-development costs and initial construction costs if required.

The project will comprise an office building totaling about 620,000 square feet of gross leasable area, slated for completion in late 2023.

The company also completed the C$323 million acquisition of 700 de la Gauchetière St. W. in Montréal, in addition to other acquisitions in Toronto, Kitchener, Calgary and Vancouver for a total of C$504 million.