Date Closed

May 15, 2012

Lead Office

Toronto

On May 15, 2012, Bentall Kennedy, on behalf of the Bentall Kennedy Prime Canadian Property Fund (formerly known as Westpen Properties) as well as other Canadian Pension Fund clients, announced the acquisition of Bentall V, 550 Burrard Street, Vancouver, from Deka Immobilien GmbH (Deka Immobilien) in what is believed to be the largest ever single real estate asset sale transaction in Metro Vancouver.

Bentall V, a 33 storey, 583,000 square foot office tower located in the heart of Vancouver's central business district is one of Canada's premier office towers and a Vancouver landmark. The building, originally developed by Bentall Kennedy in 2002 and 2007, is one of the few vertically phased office towers in the world and is currently 100% leased. Vancouver remains one of the tightest markets in North America with Class A office vacancy rates of approximately 3%.

Bentall Kennedy, headquartered in Toronto, Ontario, is a real estate advisory and services organization.

McCarthy Tétrault LLP represented Bentall Kennedy, with a team led by Danny Grandilli.