16:20:49 EDT Sun 14 Jul 2024
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Altus Group Ltd
Symbol AIF
Shares Issued 45,890,416
Close 2023-07-17 C$ 43.90
Market Cap C$ 2,014,589,262
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FP says Altus sees Vancouver office sale as litmus test

2023-07-18 09:38 ET - In the News

Also In the News (C-AMZN) Amazon.com CDRs (CAD Hedged)

The Financial Post reports in its Tuesday edition that an attempt to sell of a pair of office towers in Vancouver is being carefully watched by the commercial real estate world, and not just because Amazon is one of the primary tenants. The Post's Barbara Shecter writes that the Canada Pension Plan Investment Board and Oxford Properties are planning to unload the neighbouring towers -- 402 Dunsmuir and 401 West Georgia. A Bloomberg report said the sellers hope to fetch $350-million. Altus Group's Ray Wong said the sale and rumoured price tag are attracting a lot of attention because the prime office complex is on the block as the broader office market across the country struggles in the face of rising interest rates and persistently higher vacancies due to remote work. If the Vancouver complex trades hands below expectations, market watchers say, it could trigger a ripple effect across the market. "That's going to be the real test of where the office values are," said Mr. Wong. "It is a brand-new building, right downtown, close to all the amenities, great tenant -- so it's going to be interesting to see what type of sale price that building goes for." Sales of premium office buildings have been scarce of late.

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