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12 September 20232 minute read

DLA Piper Canada advised Townline Homes on sale of interest in Victoria and Coquitlam propertie‎s

DLA Piper Canada assisted Vancouver-based developer and investor, Townline Homes Inc. (“Townline”) on both the sale of a 50 percent ‎interest of properties in the downtown Hudson District of Victoria, B.C. (the “Hudson ‎Properties”) to Crestpoint Real Estate Investment Ltd. (“Crestpoint”) and the sale of ‎‎50 percent of its interest in the Meridian, Coquitlam, to Nicola Wealth Management. ‎

On July 12, 2023, Townline officially sold and transferred a 50 percent interest in the Hudson Properties ‎through two separate purchase and sale agreements to Crestpoint, a leading commercial real estate and mortgage investment manager. The sale ‎included interest in a 16-storey building containing approximately 4,209 ‎square feet of commercial/retail ‎area and 178 rentable residential units, another 16-storey building containing approximately 8,557 square ‎feet of commercial/retail area and 106 rentable residential units‎, a 12-storey building containing ‎approximately 8,342 square feet of commercial/retail area and 120 rentable residential units, and lastly a ‎‎23-‎storey building containing approximately 8,048 square ‎feet of commercial/retail area and 245 rentable ‎residential units.‎ DLA Piper Canada advised on multiple aspects of the transactions, including land purchases, ‎leases, and business agreements, in addition to an assumption of financing.

Townline also announced that it had closed the sale of ‎‎50 percent of its interest in the Meridian, Coquitlam, to Nicola Wealth Management. ‎Nicola Canadian Real Estate LP has partnered with Townline on the development of ‎the Meridian, which is comprised of 267 residential rental homes and 10,000 sf of retail and ‎office space in the commercial podium. This 37-storey residential rental project will provide much-‎needed transit-oriented housing in the rapidly growing neighbourhood of Burquitlam. Construction is ‎well underway with completion anticipated for Q3 2024.‎

Both deals were highly complex and involved structuring a partial divestiture of interest in projects that are either completed or under construction, in the very active high density residential real estate market in B.C.‎ The DLA Piper ‎Canada deal team in these transactions was led by Max Collett and included Peter Rowntree, Michael Mjanes, Taylor Lingl ‎and Jason Lin. ‎