Quote:
Originally Posted by Coldrsx
-Frees up cash for additional development by KG
-Demonstrates confidence in the Downtown office market by AIMCO
-Ensures that a high-quality owner/operator services the COE
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If I were an Albertan pensioner, I'd be a bit concerned about AIMCO's very high weighting of Alberta real estate, and Canada also as an overall percentage of world-wide investment. AIMCO just published its latest annual stats and I was stunned by how high their AB percentage was, and how low their foreign percentage was.
Unlike the Caisse, AIMCO doesn't have a mandate to bolster provincial development. AIMCO's been explicit about that, and rightly so. The Caisse's Quebec-first mandate has a history of being used as a political tool.
I'd personally have preferred that an under-represented pension fund from outside AB bought the tower; that would have been a much greater vote of confidence. There's a lot of significant funds that continue to avoid Edmonton.
Just my $0.02, from my past experience in the fund investment management realm.
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Literally... I can see that shit going up in flames like Grenfell... After all we've seen the same type of structure burn down almost a dozen times in the last decade in Edmonton...
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