Maple Red Financial sells Bentall Centre to Blackstone and Hudson Pacific
June 05, 2019
On June 5, 2019, Maple Red Financial Management Canada Inc. completed its sale of the Bentall Centre complex to a US-based joint venture of Hudson Pacific Properties and Blackstone Property Partners. Hudson Pacific will own 20% of the joint venture and serve as the operating partner for daily operations and development, while Blackstone will own 80% and serve as managing partner. The sale is one of the largest real estate transactions in the history of British Columbia.
Bentall Centre is a 1.45 million square foot space in downtown Vancouver consisting of four office towers and a concourse-level retail mall. As part of the transaction, the joint venture plans to renovate the retail promenade and upgrade the indoor and outdoor common areas.
Maple Red Financial is a Vancouver-based investment company.
Headquartered in Los Angeles, Hudson Pacific is a real estate investment trust that owns, transforms, builds and operates office and studio properties on the west coast of the United States and Canada.
Blackstone is a global real estate private equity firm based in New York. It manages approximately US$140 billion in assets in North America, Europe, Asia and Latin America.
McCarthy Tétrault LLP advised Maple Red Financial with a team led by Joyce Lee and Craig Shirreff that included Scott Smythe, Colin McIvor, Conrad Rego, Patrick Beechinor, Jonathan Cheng, Robyn Cooper and Mel Bittman (Real Estate), Oliver Borgers (Competition) and Chris Falk (Tax).