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VANCOUVER-The landmark Bentall V, located at 550 Burrard St. here, sold for $263 million to German investment company Deka Immobilien Investment GmbH. Tony Quattrin and Jim Szabo of CB Richard Ellis acted as advisors to the buyer. SITQ, a real estate subsidiary of the Caisse de dépôt et placement du Québec, did not put the property up for sale but was approached by the new owner directly.

“We have taken the opportunity to further diversify Deka-ImmobilienGlobal’s portfolio with the acquisition of ‘Bentall V’ and are investing in an attractive and sound location with good growth prospects,” says Thomas Schmengler, managing director of Deka Immobilien in a release.

Bentall V was built by SITQ. The first phase of the project completed in 2002, while the second, and final phase, finished in 2007. The 33-story building is one of the most sought-after buildings in the business district; it has 583,000 square feet of rentable space. The property is also certified in Canada as being one of the most environmentally friendly buildings.

“The acquisition stabilizes the fund’s high occupancy rate which currently stands at approximately 98% and increases the proportion of Deka-ImmobilienGlobal’s portfolio allocation to North America from 12.6% to around 20%,” Schmengler says.

Both sides are pointing to this transaction as proof that the real estate market is not as stagnant as one might think.

“The continued foreign demand for top quality assets in Canada’s leading business centers combined with the limited offerings in the market during the first half of 2009 created the opportunity to execute this successful unsolicited transaction, and as an active investor, SITQ remains on the look-out for opportunities that meet its business objectives,” says Yves-André Godon, managing director of SITQ in Canada.

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