- What Allied REIT has purchased the remaining interest in two mixed-use properties jointly owned with Westbank Properties
- Why The deal reduces Westbank’s outstanding debt
- What next The deal shows a continuance of asset sales by Westbank
Allied Properties REIT has purchased the remaining shares in two mixed-use buildings from Westbank Properties for $60.6m.
The two properties are Deloitte Summit, at 400 West Georgia Street in Vancouver, and Toronto House, at 19 Duncan Street in Toronto.
The REIT revealed the purchase in its 2024 annual report, released to the public on Tuesday. The deal closed Dec. 20.
This builds on Allied’s April 2024 acquisition of a 90% ownership interest in 400 West Georgia and an additional 45% ownership in 19 Duncan, which brought its stake in the project to 95%.
Initially, Allied provided a $198m secured mezzanine loan to Westbank for Deloitte Summit development costs, but in March 2024, it announced it would convert that loan into ownership stakes in the projects. A cash contribution of $36.3m was also provided by Allied.
The recent deal represents another in the selling off of assets by Westbank as the company undergoes financial strain.
