The Alberta Investment Management Corp. is acquiring a 27-storey office tower in downtown Edmonton from ICE District Properties.

The tower, which opened in 2016, is part of ICE District, a mixed-used sports and entertainment project with more than $2 billion in assets under development in its first phase and a similar scale envisioned for its second phase.

Read: AIMCo invests in Belgian shopping centre

“AIMCo’s acquisition of Edmonton Tower demonstrates a clear affirmation of our confidence in Edmonton’s downtown real estate market,” said Micheal Dal Bello, senior vice-president of real estate at AIMCo. “Growing our portfolio of high quality office properties in Edmonton offers our clients the unique opportunity to be a part of the rejuvenation of the downtown core.”

ICE District Properties will continue to oversee all aspects of development and operation of ICE District, along with Katz Group Real Estate, One Properties and Oilers Entertainment Group. 

“We are pleased to find a buyer in AIMCo who understands the Edmonton market and we are confident they will do a great job as owner of the building,” said Jurgen Schreiber, senior managing director at Katz Group. “As we continue development of ICE District it is positive to see world-class investors such as AIMCo interested in the project and the big-picture vision for Edmonton’s downtown.”

Read: AIMCo invests in two Alberta-based wind farms

Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com

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