German’s DekaBank GmbH turned a $100 million profit in five years with its sale this month of the Bentall Five office tower in downtown Vancouver.
Bentall Kennedy Prime Canadian Property Fund and undisclosed partners spent slightly more than $400 million to buy the 33-storey office tower at the corner of Burrard and Dunsmuir streets.
Bentall completed Bentall Five in 2007. It then managed the structure on behalf of client SITQ, a real-estate subsidiary of the Caisse de depot et placement du Quebec.
SITQ sold the building, which has about 580,000 square feet of fully leased Class AA space, to Germany’s DekaBank in May 2009 for $297 million in an all cash deal. At the time it was first large commercial real-estate assets to trade in North America following the late 2008 economic downturn. It was one of the largest commercial real estate deals in Canada that year.
