Failed Sale, $49M Debt Push Slate-Owned Burnaby Office Towers Into Receivership

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Slate Asset Management,Burnaby,Slate Office Reit

Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24

​The subject property of the receivership against Slate Asset Management is the "Golden Towers" office complex at 4330 Kingsway in Burnaby.on June 25 that it had received notices of default from its senior lenders, receivership proceedings had been initiated against one of its assets in British Columbia.

On March 12, 2019, the lenders and SCREO I Metrotown Inc. entered into a loan agreement for the principal amount of $88,308,000 that would allow Slate Asset Management to acquire 4330 Kingsway and commence with the Capital Point Metrotown project. The proposed transaction became binding on December 7, but included a June 7 date by which the diligence conditions had to be satisfied or waived. The proposed purchaser, who is unnamed in court documents, did not waive the diligence conditions and instead requested a waiver deadline extension to Q3 2025. The request was not granted and the purchase agreement has since been terminated.

 

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