Timbercreek Alternatives LP and Aspen Properties Seal Acquisition for Calgary's 1 Palliser Square Conversion
Deal News | Dec 02, 2024 | Globenewswire
Timbercreek Alternatives LP and Aspen Properties have closed the acquisition of the 1 Palliser Square Office Building in Calgary, for its conversion into 418 residential units as part of the downtown revitalization efforts. The 27-storey building, situated next to the Calgary Tower, will undergo a comprehensive transformation to include upscale residential units and integrated amenities spanning over 20,000 square feet. As part of Calgary's Downtown Development Incentive Program, this project aims to transition vacant office spaces into rental housing, thus addressing local housing needs and contributing to urban revitalization. The joint venture behind the acquisition was supported by a private placement yielding $21.6 million, managed by Raymond James Ltd. and Canaccord Genuity Corp. alongside other financial firms. Timbercreek, a prominent alternative asset investment manager, and Aspen Properties, an experienced boutique real estate company, bring their distinct expertise to this strategic redevelopment effort, promising enhanced community integration, high conversion efficiency, and superior living conditions.
Sectors
- Real Estate Development
- Investment Management
Geography
- Canada – The transaction and project are situated in Calgary, Alberta, Canada, an area targeted for urban revitalization.
- Calgary – The specific focus of the project is 1 Palliser Square, located in Calgary's downtown area, emphasizing local urban development initiatives.
Industry
- Real Estate Development – The article discusses the conversion of an office building into residential units, highlighting activities in real estate development and urban revitalization.
- Investment Management – Involves Timbercreek Alternatives LP, an investment manager specializing in alternative asset classes and value-add investments, highlighting their role in the acquisition and development process.
Financials
- 21,600,000 – Total proceeds from the private placement offering completed for the acquisition of 1 Palliser Square.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Timbercreek Alternatives LP | Bidding Company | Company | A subsidiary of Timbercreek Capital, involved as a partner in the acquisition and redevelopment of 1 Palliser Square. |
| Aspen Properties | Bidding Company | Company | A real estate company partnering with Timbercreek Alternatives LP for the acquisition and redevelopment project in Calgary. |
| 1 Palliser Square LP | Joint Venture Entity | Company | An entity formed for the purpose of acquiring and converting 1 Palliser Square into residential units. |
| Raymond James Ltd. | Financial Advisor | Company | Co-lead agent and joint bookrunner for the private placement financing supporting the acquisition. |
| Canaccord Genuity Corp. | Financial Advisor | Company | Co-lead agent and joint bookrunner for the private placement financing supporting the acquisition. |
| Richardson Wealth Limited | Financial Advisor | Company | Part of the syndicate of agents aiding in the private placement offering. |
| Wellington-Altus Financial Inc. | Financial Advisor | Company | Part of the syndicate of agents aiding in the private placement offering. |
| iA Private Wealth Inc. | Financial Advisor | Company | Part of the syndicate of agents aiding in the private placement offering. |