A joint venture between Singapore sovereign fund GIC and Toronto-listed Dream Industrial REIT has purchased an industrial project in North Vancouver for C$143 million ($99.7 million), according to Storeys, a local news outlet.
The seller was Wesbild, confirms a release.
This property represents one of the last remaining privately held waterfront sites of magnitude in the area.
Wesbild acquired the site in 2017 and worked to redevelop the site with both large Industrial and flex industrial space. Wesbild will be leasing back a portion of the site and will remain as operator for the two existing operating businesses.
“After several development applications with the District of North Vancouver that did not proceed, we had to pivot and focus on renovating the existing warehouses th
