Edmonton, Alberta (July 5, 2018) Alberta Investment Management Corporation (AIMCo), on behalf of certain of its clients, is proud to announce the successful acquisition of Edmonton Tower in ICE District from ICE District Properties. The terms of the transaction, which closed on July 5, 2018, will not be disclosed.
Edmonton Tower, which opened in 2016, is a 27-storey, LEED-Gold office tower situated in ICE District. With over $2 billion in assets under development in Phase One and a similar scale investment envisioned for Phase Two, ICE District is a transformational, mixed-use, sports and entertainment project in downtown Edmonton. ICE District Properties in collaboration with Katz Group Real Estate, ONE Properties and Oilers Entertainment Group will continue to oversee all aspects of development and operation of ICE District.
“AIMCo’s acquisition of Edmonton Tower demonstrates a clear affirmation of our confidence in Edmonton’s downtown real estate market,” said Micheal Dal Bello, Senior Vice President, Real Estate at AIMCo. “Growing our portfolio of high quality office properties in Edmonton offers our clients the unique opportunity to be a part of the rejuvenation of the downtown core.”
“We are pleased to find a buyer in AIMCo who understands the Edmonton market and we are confident they will do a great job as owner of the building,” said Jurgen Schreiber, Senior Managing Director, Katz Group on behalf of ICE District Properties. “As we continue development of ICE District it is positive to see world-class investors such as AIMCo interested in the project and the big-picture vision for Edmonton’s downtown.”