Deloitte Summit (410 W. Georgia St) | 92m | 23Fl |Completed

[officedweller]

Westbank sells landmark downtown Vancouver tower in $198M deal
https://dailyhive.com/vancouver/west...t-tower-allied

[jollyburger]

Interesting the official press release still says Apple is a tenant of the building.

https://www.globenewswire.com/news-r...19-Duncan.html

Says Westbank had around $473 million in loans from Allied across four developments at the end of last year.

Allied Properties REIT (see Exhibit). As of Q3/23 Allied had ~$473mm in loans receivable (including interest) with Westbank across four developments. Allied noted that as of Q3, Westbank was current with all obligations under the loans. In terms of security, should Westbank default on any of the projects, Allied has first mortgage rights (subordinated to construction loans). As such, the REIT would end up owning the assets on a 100% basis. Three of the four projects (Adelaide & Duncan, King Toronto, and 400 West Georgia) are progressing well/ nearing completion, and we have little concern on Allied's investments. The fourth, 150 West Georgia has not yet begun construction.

https://stockhouse.com/companies/bul...ostid=35722535

Allied's Real Estate Trust was trading around $60 back in 2020 but down to around $18.

[whatnext]

Originally Posted by officedweller

Westbank sells landmark downtown Vancouver tower in $198M deal
https://dailyhive.com/vancouver/west...t-tower-allied

What was that rumour again...

[djmk]

Originally Posted by officedweller

Westbank sells landmark downtown Vancouver tower in $198M deal
https://dailyhive.com/vancouver/west...t-tower-allied

The title of that article does not match the actual article

[theKB]

I wonder if Giovane will remain in the space once the transaction closes and Allied takes over given their ties to westbank. I would assume Bar Haifa also has some backing from westbank to open in Vancouver?

[jollyburger]

Originally Posted by theKB

I wonder if Giovane will remain in the space once the transaction closes and Allied takes over given their ties to westbank. I would assume Bar Haifa also has some backing from westbank to open in Vancouver?

Well they'll have leases with whatever favourable terms Gillespie gave them. They are still connected on some projects and have a remaining 10% interest (?) in Deloitte Summit.. The retail isn't going to make them much money in the long run so I don't think it's a high priority versus leasing out the rest of the building.

[whatnext]

Originally Posted by jollyburger

Well they'll have leases with whatever favourable terms Gillespie gave them. They are still connected on some projects and have a remaining 10% interest (?) in Deloitte Summit.. The retail isn't going to make them much money in the long run so I don't think it's a high priority versus leasing out the rest of the building.

Wouldn’t there be a standard term for that kind of leases? It was certainly busy when I was in there last week.

[theKB]

Originally Posted by whatnext

Wouldn’t there be a standard term for that kind of leases? It was certainly busy when I was in there last week.

I would assume both have 5-10 year terms. Neither have extensive build outs that are overly unique.

I just primarily wonder how favourable these leases are and particularly what stake they would have in the kitchen table group.

Allied seems to be involved in a lot of big projects. The Well in toronto is very impressive. They are also involved in Westbank's King Toronto project - https://westbankcorp.com/body-of-work/king-toronto

[s211]

Originally Posted by djmk

The title of that article does not match the actual article

I wouldn't think that the average reporter or editor would have the required market knowledge or transaction-specific details to properly summarize what's actually going down. Heck, few people in the market would know the structure's details.

[jollyburger]

Originally Posted by s211

I wouldn't think that the average reporter or editor would have the required market knowledge or transaction-specific details to properly summarize what's actually going down. Heck, few people in the market would know the structure's details.

I guess it might technically be a sale but the outstanding financing should outweigh that fact.

[whatnext]

It certainly seems like Westbank is pedalling furiously to raise funds.