The U.S. firm is seeking to sell a 462-unit rental building in Calgary after completing construction nearly three years ago, with the expectation it will fetch around $200 million, according to Avi Tesciuba, head of Canadian operations at Hines.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The oil-producing province of Alberta in the western part of Canada has been a particular draw for migrants both from abroad and within the country. Forecasts for gains in oil prices may help support the prospect of stronger economic growth in the area compared to other regions. Hines is selling the 32-storey One Park Central building in Calgary to return profit to investors at a time when it believes the market is favourable. The aim is to secure a deal by the early fall. The company expects to finish construction on the second phase of the Park Central project, a 40-storey tower, next year.