LaSalle fund acquires 1.4msf mixed-use asset in Edmonton

LaSalle Investment Management has announced that its flagship core real estate fund in Canada, LaSalle Canada Property Fund (LCPF), together with Frankfurt-based fund-servicing company Universal-Investment on behalf of Bayerische Versorgungskammer (BVK), and two managing owners, North American Development Group and Canderel, have acquired Edmonton City Centre (ECC).

Collectively, the office component, including TD Tower, Oxford Tower and Centre Point Place, combined with retail leasable areas represent nearly 1.4 million square feet in a mixed-use asset, complemented by four parking components with a total of 2,500 stalls. North American Development Group entities, including CentreCorp Management, will provide property management services and leasing for the ECC retail component, and Canderel entities, including Humford Management, will provide property management services and leasing for the office and non-retail components. Mortgage origination sourcing and placement for t