A landmark deal is making waves in Vancouver’s office market with the sale of two major properties at 401 West Georgia Street and 402 Dunsmuir Street for approximately $300 million. Germany’s Deka Immobilien Investment GmbH acquired these buildings from Oxford Properties Group and Canada Pension Plan Investment Board (CPPIB). Totalling 415,000 square feet of leaseable space, the properties had sparked considerable international interest, with no domestic bids, highlighting Vancouver’s allure on the global stage.
This sale underscores a renewed wave of international investment in Vancouver, with Deka’s purchase signaling a potential increase in foreign investments in Canadian real estate. According to a report by MSCI Real Capital Analytics, foreign investors accounted for 32.5% of Canada’s real estate buyer composition in 2023. As economic conditions remain uncertain, investors are likely to seek opportunities in cities that provide stability. While no other Vancouver office towers are currently for sale, the deal sets a benchmark for future transactions and signals growing confidence among global investors in the city’s real estate market.
