Timbercreek Alternatives LP and Aspen Properties Close Acquisition of Calgary’s 1 Palliser Square Office Building to Commence Office-to-Residential Conversion Project

Companies also announce completion of private placement financing

TORONTO, Dec. 02, 2024 (GLOBE NEWSWIRE) — Timbercreek Alternatives LP, a subsidiary of Timbercreek Capital, and Aspen Properties today announced the closing of the previously announced acquisition of the 1 Palliser Square Office Building in Calgary, Alberta for the purpose of converting approximately 418,000 square feet of office into 418 residential units and amenities.

1 Palliser Square is a 27-storey, vacant B-class office building centrally located next to the Calgary Tower, with direct access to residential amenities, entertainment and transit. The project is part of the City of Calgary’s Downtown Development Incentive Program designed to transform vacant office space into new rental housing stock.

1 Palliser Office-to-Residential Project Highlights:

• 418 rental residential units
• High conversion efficiency
• Optimized suite layouts
• 20,000+ SF amenity integration
• Connected to the +15 “Skywalk” Network
• Upscale unit quality
• Urban revitalization
• Affordable housing

The acquisition was completed though a joint venture called 1 Palliser Square LP (the “LP”). As part of the acquisition, the LP completed a private placement offering of units for total proceeds of approximately $21.6 million. Raymond James Ltd. and Canaccord Genuity Corp. acted as co-lead agents and joint bookrunners on behalf of a syndicate of agents, which included, Richardson Wealth Limited, Wellington-Altus Financial Inc. and iA Private Wealth Inc.

About Timbercreek
Founded in 2000, Timbercreek is one of Canada’s leading alternative asset class investment managers, focused on debt and equity investments in high-quality, value-add commercial real estate in Canada, the United States and Europe. Through active and direct investment, Timbercreek employs a thematic approach to deliver compelling risk-adjusted returns for their investors and partners, leveraging the diversified expertise and relationships of their highly experienced team to invest capital across a wide range of asset classes. Timbercreek’s team of 50+ investment professionals have extensive domain expertise in these markets and combine an entrepreneurial growth focus with institutional risk management. Since 2000, the Timbercreek team has deployed more than $18 billion in equity and debt investments focused on value-add real estate, on behalf of their broad range of capital partners. Timbercreek has offices in Toronto, Vancouver, Montreal, New York, Dallas and Dublin.

About Aspen
Aspen Properties is a fully integrated and privately held boutique real estate company with over 25 years of experience in owning and managing real estate in downtown Calgary and Edmonton. Driven by an entrepreneurial spirit, Aspen is committed to creating and delivering inspiring amenity-rich real estate with innovative technology and processes that help people thrive and contribute to the development and sustainability of the communities they serve. Together with their investment partners, Aspen Properties owns and manages approximately 4.25 million square feet of office space and nearly 3,800 parking spaces in downtown Calgary and Edmonton. Aspen’s portfolio is comprised of 15 buildings—eleven in Calgary, three in Edmonton and a development site in Calgary. 

For more information:

Timbercreek Alternatives
Fraser McEwen
President
fmcewenf@timbercreek.com 
www.timbercreek.com

Aspen Properties
Scott Hutcheson
Executive Chair of the Board
rsh@aspenproperties.ca
www.aspenproperties.ca