Edmonton-based ProCura Real Estate Services is facing a series of insolvencies, with three properties it owns all being placed under receivership last month, according to two separate filings in the Court of King’s Bench of Alberta.

The properties now under receivership are: 10910 and 10921 Jasper Avenue NW, referred to court filings as the Azure lands; 10008 and 10010 109 Street NW, also known as the Cascadia lands; and 10909 Jasper Avenue, which is occupied by a 12-storey office tower known as WSP Place.

WSP Place is located at the southwest corner of the intersection of Jasper Avenue and 109 Street NW. The Azure parcel is located immediately adjacent to the west while the Cascadia parcel is immediately adjacent to the south. Both parcels are currently being used as surface parking lots.

All of the properties are owned under Luxor Land Ltd. and Mesa West Capital Corp., which are identified in court filings as affiliates of ProCura and controlled by George Schluessel.

Azure and Cascadia Lands

The Azure and Cascadian lands were placed under receivership by the National Bank of Canada pertaining to a loan agreement the two sides entered into in January 2019 for the principal amount of $12 million. The loan was guaranteed by GSRI Ltd. and George Schluessel.

National Bank did not outline the events leading up to the default, but said the borrowers defaulted at some point and the loan matured on May 15, 2025. There were also “significant arrears due and owing to the City of Edmonton in respect of tax arrears, interest and penalties,” according to National Bank, and the properties were set to be auctioned off by the city as part of a tax sale.

However, in October 2025, National Bank reached an agreement with the city to remove the lands from the auction by paying the $1.144 million in arrears. The bank first filed a receivership application in August 2025 and then had JLL list the properties on a judicial listing basis, with the Azure parcel listed for $2,120,000 and the Cascadia parcel listed for $7,040,000.

The asking prices were reduced in April, but after no satisfactory offers were received, National Bank shifted the proceeding to a receivership, which would allow it to obtain necessary insurance and collect various revenue associated with the property from the property manager, McCor Management (AB) Inc.

National Bank was owed $10,898,181.59 as of July 29, with interest continuing to accrue at a rate of $1,890.84 per day, and the court granted the receivership order on August 10.

JLL has again listed the Azure Lands and Cascadia Lands and a bid deadline has been set for October 8. If a satisfactory offer is found, the court hearing for sale approval would occur in November.

WSP Place

The 12-storey WSP Place office tower was then placed under receivership by MCAP Financial Corporation on behalf of Computershare Canada pertaining to a loan agreement the two sides entered into in November 2018 for the principal amount of $38 million. The loan was guaranteed by Pacific Plaza Limited Partnership and George Schluessel.

According to MCAP, ProCura “began experiencing liquidity issues in or around 2022” and has failed to make any principal or interest payments since September 2023, despite the lender agreeing in December 2022 to reduce the monthly payment amount.

MCAP says that a fire occurred on October 23, 2023 that resulted in property damage, ProCura “failed to promptly advise MCAP of the Damage or to provide MCAP with a good faith estimate of the costs of the work and materials required to repair and restore the Damage,” then “misappropriated the Insurance Proceeds [$1.1 million received in August 2024] by injecting them into the Procura Group’s portfolio of underperforming assets to service debts to other lenders.”

Meanwhile, ProCura also fell behind on its property taxes and MCAP provided advances in 2024. The two sides also reached a forbearance in June 2024 delaying enforcement actions until June 2026, which came and passed with ProCura defaulting multiple times.

Notably, MCAP says ProCura received an unsolicited letter of intent to purchase WSP Place, dated May 21, for a price that exceeded the appraised value of the property. MCAP voiced its support, but says ProCura failed to accept the offer in time and the offer expired. Like National Bank, MCAP then sought out the receivership so the property can go through a court-ordered sales process.

MCAP Financial was owed $44,643,306.18 as of July 13, 2026, with interest continuing to accrue. The court granted the receivership application on August 17, but the property has yet to be listed for sale.

ProCura Group

According to MCAP Financial, ProCura Group “began experiencing liquidity issues in or around 2022” and its market activity seems to reflect that.

In 2024, ProCura sold the Kingsway Professional Building at 10611 Kingsway Avenue NW to Metis Nation Holdings Ltd. for $15 million. In late-2025, they then sold the Intact Building at 10830 Jasper Avenue NW to Josan Properties for $24 million, as previously reported by RENX.

ProCura is also the developer behind Century Park, a 42-acre transit-oriented community planned for the former Heritage Mall site next to the Century Park LRT station in south Edmonton that has been under development for a decade now.

Several of the phases have since been constructed and one of them, a 358-unit apartment building at 11025 26 Avenue NW known as The Louvre, was sold in June to Strategic Group.

The adjacent 2.94-acre parcel at 10920 25 Avenue NW set for a project named Time Square is also currently on the market for $12.8 million as part of a judicial listing involving Laurentian Bank as the lender.