- What Timbercreek Alternatives and Aspen Properties formed a joint venture that will buy an office property in Calgary
- Why The venture will convert the entire property to residential suites and amenities
- What next The venture is conducting a private placement of units to fund the deal
Timbercreek Alternatives and Aspen Properties have formed a joint venture that will buy the Palliser One office building in Calgary and convert it entirely to residential use.
The 27-storey building, at 125 9th Avenue SE next to the Calgary Tower, is slated to have 420 units and amenities. Aspen has owned the property.
The venture aims to raise up to $30m via a private placement of units. Raymond James and Canaccord Genuity will serve as co-lead agents and joint bookrunners on behalf of a syndicate of agents, including iA Private Wealth, Richardson Wealth and Wellington-Altus Financial.
The offering is slated to close on or about Sept. 10.
Timbercreek Alternatives is Timbercreek Capital’s new subsidiary targeting high-net-worth, wealth management and family office investors. Aspen is a private real estate firm that owns properties in Calgary and Edmonton.
