5 Churchill Place owner Saïd Holdings has expanded its industrial portfolio in Canada with the acquisition of 8351 Ontario Street in Vancouver for $29.25m (£16.9m).
The 71,000 sq ft industrial property is located in south Vancouver, where a wider redevelopment programme is in place for the next decade including a retail-industrial regeneration of the derelict Dueck dealership and its associated buildings at the former Walmart site on southeast Marine.
The purchase forms part of a programme of acquisitions Saïd Holdings is pursuing with Hungerford Properties, the Vancouver-based investor which recently independently acquired the 12.5 acre Dueck site for an estimated $46.4m alongside the KIA dealership site at 396 Southwest Marine Drive for an estimated $25m.
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