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U.S.-based global investor L Catterton Real Estate has sold its 35 per cent stake in The Amazing Brentwood in Burnaby, one of the largest master-planned mixed-use redevelopment projects on the continent.
The sale of L Catterton’s stake in the Metro Vancouver property was revealed in an email from TD Cornerstone Commercial Realty, which was a co-advisor along with the CBRE National Investment Team in the transaction.
Neither the buyer nor the purchase price have been revealed.
“The Amazing Brentwood is arguably the most significant master-planned community in North America. Spanning 28 acres and fully integrated with high-order public transit, this ground-breaking development takes place-making to a new level and brings together residential and commercial uses seamlessly,” the TD Cornerstone announcement states.
A TD Cornerstone spokesman said the firm cannot comment on the transaction due to confidentiality restrictions.
The Amazing Brentwood project
L Catterton bought into The Amazing Brentwood in 2017, joining existing partners SHAPE and the Healthcare of Ontario Pension Plan (HOOPP) in the project, which is designed to deliver over 8.5 million square feet of mixed-use space at full build-out. The Amazing Brentwood has been under development since 2014 at 4567 Lougheed Highway.
The redevelopment of the former shopping centre property aims to deliver a major multi-use destination. The plans call for over 250 stores and services, food and entertainment offerings, 600,000 square feet of office campuses, and over 6,000 homes in 11 towers. It also includes a one-acre plaza.
Three condo towers at The Amazing Brentwood have gone to market so far and sold out, with the building designated as Tower SIX now selling. The site also includes plans for 300 rental apartments.
The property is directly connected to Metro Vancouver’s SkyTrain commuter rail network, with Brentwood station onsite.
SHAPE says it has invested over $1.2 billion in Neighbourhood One at Brentwood, and is investing an additional $900 million in Neighbourhood Two.
About SHAPE and L Catterton
Shape is based in Vancouver. The firm has 4.8 million square feet of commercial space under management, 8.8 million square feet of property built or under construction, over 6,000 homes completed or under construction, and a land bank of approximately 370 acres.
Its portfolio also includes the master-planned City of Lougheed redevelopment, the RC at CF Richmond Centre in Metro Vancouver, and CF Fairview mall in Toronto.
Founded in Greenwich, Conn., in 1989, L Catterton operates a global investment platform with approximately US$37 billion of assets under management. It has made over 275 investments across a wide range of sectors during its history.
It operates from 18 offices around the world, and employs approximately 200 investment and operations staff.
CHECK BACK FOR MORE: RENX has contacted multiple sources for additional information on this breaking news article. We will update this article when and if additional information becomes available.
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