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Real estate transactions: AIMCo buys Edmonton Tower

Edmonton Tower has been sold to an investment management company. In one of many real estate transactions in Alberta, the particulars of the deal haven't been disclosed. The first phase of 27-storey, LEED-Gold office tower in Edmonton's ICE district has more than $2 billion of assets invested, and a similar amount is set for Phase Two. This particular area in downtown Edmonton has been earmarked for mixed use, sports and entertainment.

Edmonton Tower was sold to Alberta Investment Management Corporation (AIMCo). The company's senior vice president of real estate said AIMCo's acquisition is a clear affirmation of the company's confidence of the real estate market in Edmonton's downtown core. AIMCo has a $13.6 billion real estate portfolio, which includes investments in office, retail, industrial and multi-unit residential properties in Canada's major cities and abroad.

The ICE area of Edmonton features a public area that can host events year-round -- from festivals to public skating. The area is in close proximity to upscale residences and quality office space. It is also near to Rogers Place -- the country's most advanced sports and entertainment complex.

Alberta real estate transactions can be pretty involved. Those who are looking to buy or sell real estate -- whether that be a family home or business -- may benefit from the advice of a lawyer with experience in real estate law. Having the sage advice of someone who knows the often confusing aspects of real estate law may help a client to make wise investments or to get the best deal possible, or to avoid possible financial mistakes.

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