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The partners in Calgary's Telus Sky mixed-use tower are working to reorganize their ownership stakes.

Partners to Reorganize Telus Sky Ownership

The partners in Calgary’s iconic Telus Sky mixed-use tower are working to reorganize their ownership stakes.

If all goes according to plan, Telus will acquire 100% ownership of the building’s commercial component; meanwhile, Westbank and Allied Properties REIT will become equal owners of the residential spaces, Allied said in a news release. Telus, Westbank and Allied currently own the property equally under a joint-venture partnership.

“[The transaction] will address the respective needs and aspirations of the partners optimally and bring our joint-venture to a successful conclusion,” said Michael Emory, Allied’s founder and executive chair.

Vancouver-based Westbank and Toronto-based Allied plan to sell their respective one-third interests in the commercial component to Telus. In turn, Vancouver-based Telus will sell its one-third stake in the residential section to Westbank and Allied.

Telus Sky contains 452,352 square feet of office space, 13,059 sf of retail area and 326 rental residential units.

Westbank developed Telus Sky and Allied manages it.


Inside The Story

Allied Properties REITWestbankTelus

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Sale/Acquisition
  • ◦Development
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