CAPREIT Completes Sale of International Plaza to Nch'ḵay Development Corporation

Executive Summary

• CAPREIT completed the sale of its land lease interest in International Plaza, a residential and commercial property in North Vancouver, BC, to Nch’ḵay̓ Development Corporation (the economic development group of the Squamish Nation).
• The transaction involves the transfer of the unencumbered property for $54.2 million, excluding transaction costs and customary adjustments.
• The sale is part of CAPREIT’s strategy to simplify its balance sheet and advance initiatives supporting First Nations economic leadership and housing development.

Key Details

• Transaction Type: Sale of land lease interest.
• Asset: International Plaza, located in North Vancouver, British Columbia.
• Property Specifications: Built in 1975; contains 471 residential suites and 11 commercial units comprising over 65,000 square feet of gross leasable area.
• Buyer: Nch’ḵay̓ Development Corporation, the economic development group of the Squamish Nation.
• Sale Price: $54.2 million (excluding transaction costs and other customary adjustments).
• Property Status: The property was sold unencumbered.
• Strategic Context: CAPREIT stated the transaction contributes to simplifying its balance sheet and supports the Squamish Nation’s journey toward expanded economic leadership and First Nations representation in the residential real estate industry.
• Partnerships: The transaction utilized products from the Canada Mortgage and Housing Corporation’s MLI Select Program.

Notable Quotes

• Mark Kenney, President and CEO of CAPREIT: “We’re honoured to take part in a transaction that transfers land back to the Squamish Nation, and contribute to their journey towards expanded economic leadership in the region, and in particular, the growth of First Nations representation in the residential real estate industry in Canada.”
• Mark Kenney, President and CEO of CAPREIT: “We’re thrilled to have the opportunity to not only advance CAPREIT’s strategy and simplify its balance sheet, but also to transfer our properties to the hands of respected counterparties like Nch’ḵay̓, who play a vital role in shaping and strengthening the future of housing in Canada.”