November 22, 2006
Two Interplex office buildings to be built in Calgary
Westfield Real Investment Trust has acquired property at the northeast corner of Barlow Trail and Memorial Drive in Calgary. The acquisition will lead to the development of a Class A office building.
Westfield REIT has also formed a joint venture for construction of a second Class A office building in the Interplex Business Park site. The two buildings, when completed, are expected to comprise 436,000 square feet of Class A office space.
The first of the two office buildings, Interplex II, will comprise 225,000 square feet. The building is already under construction, and is anticipated to be completed in 2008.
The second building, Interplex III, is expected to comprise 211,000 square feet and is currently being marketed for pre-leasing with construction to start in the first half of 2007, for completion in 2009.
“The acquisition and joint venture development of the two Interplex office buildings with OPUS is consistent with our objective of increasing returns to our investors as well as the overall caliber of our real estate”, said Armin Martens, president and CEO of Westfield REIT.
“Calculating their completion, the total value of Westfield’s real estate portfolio will exceed $580 Million in assets, with approximately 71 per cent located in Alberta and over 61 per cent in the City of Calgary.”
JOC NEWS SERVICES
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