Alberta Investment Management Corporation ("AIMCo") has completed the acquisition of HSBC Bank Place and Enbridge Place, located in Edmonton, Alberta.
The transaction closed on February 27, 2017.
By investing in these two downtown office locations, AIMCo's clients gain more than 550,000 square feet of Class "A" Office space within their respective real estate portfolios. The properties are centrally located in Edmonton's Financial Core and within walking distance to the exciting new Ice District development.
Significant capital improvement programs are planned for both towers to strengthen their position in the market, and to make them a location of choice for existing and new tenants eager to be a part of Edmonton's dynamic city center.
AIMCo CEO Kevin Uebelein said: "On behalf of our clients, AIMCo is particularly pleased to make this important investment in Downtown Edmonton.
"For almost all of us at AIMCo, Edmonton is not only where we come to work, but the city we call home, so we have a unique perspective on the potential of this opportunity. Downtown Edmonton is undergoing many exciting changes, and we look forward to being a part of it."
In conjunction with this acquisition, AIMCo has retained the services of EPIC Investment Services ("EPIC") to provide asset and property management services for these two office locations. EPIC is a national real estate services firm with offices in Toronto, Ottawa, Montreal, Calgary, Edmonton, and Vancouver.