QuadReal Property Group closes Oakridge Centre transaction
Vancouver, BC: QuadReal Property Group is pleased to announce that the purchase of Vancouver’s Oakridge Centre from Ivanhoé Cambridge closed today.
“Oakridge Centre is an iconic property with transformative potential,” said Remco Daal, President of QuadReal’s Canadian real estate division. “It is one of Canada’s premier malls, and has been an important part of Vancouver’s evolving community fabric for generations. We look forward to building upon its remarkable legacy.”
QuadReal has selected Westbank, a prominent Vancouver-based developer, as its partner on a potential Oakridge redevelopment. QuadReal and Westbank are in the process of reviewing opportunities for a master planned retail, office and residential redevelopment for the 11.5-hectare (28.5-acre) site.
QuadReal will assume full responsibility for Oakridge Centre management and leasing as of June 1, 2017.
For additional information, please see our January 25, 2017 release, QuadReal Property Group enters agreement to purchase Oakridge Centre, or visit QuadReal’s website at www.quadreal.com.
About Oakridge Centre
Oakridge Centre hosts an exclusive collection of 150 shops and services, and is one of Canada’s most successful shopping centres. Located on a 28.5-acre site at the intersection of 41st Avenue and Cambie Street on Vancouver’s West Side, Oakridge Centre opened in 1959. In 2014, the City of Vancouver approved rezoning of Oakridge Centre (subject to meeting enactment conditions) to accommodate additional office, retail and residential uses and community amenities including a park, civic centre, affordable housing, a library and day care. Oakridge Centre is well served by the Canada Line and other public transit options.
QuadReal is a global real estate company with managed assets totaling more than $18 billion, including some of Canada’s most well-known properties. Headquartered in Vancouver, British Columbia, QuadReal is owned by bcIMC, one of Canada’s largest institutional investors, and was established to manage its real estate assets. QuadReal is a Canadian investment and management company that operates in a global market. It aims to deliver prudent growth and strong investment returns and to create and sustain places that bring value to everyone – not just for now, but for the benefit of future generations.
The core of Westbank’s mission is to create a body of work with a high degree of artistry that helps foster more equitable and beautiful cities. Westbank is active across Canada, in the western United States and Asia, with projects including luxury residential, Five Star hotels, retail, office, rental, district energy systems, affordable housing initiatives and public art. Established in 1992, Westbank is now one of North America’s leading developers, with offices in Vancouver, Calgary, Toronto, Seattle, Shanghai, Beijing, Taiwan, Tokyo, Hong Kong, Shenzhen with more than $25 billion dollars of projects completed or under development.