Primewest Partners Inc.

March 02, 2009 14:36 ET

Primewest Buys Whistler Hilton Retail Property From Goldman Sachs

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2009) - Vancouver based real estate firm, Primewest Partners announced today the purchase of approximately 40,000 square feet of retail space in the heart of Whistler Village from WW Hotels (Whistler) Limited Partnership which is partially owned and managed by global financial services firm, Goldman Sachs.

Given the present difficult economic environment, this transaction represents one of very few real estate deals of its magnitude in the current era of investment ventures. "The transaction is a reflection of Primewest's opportunity driven business strategy," stated Paul Williams, President and CEO. "We continue to search for prime real estate opportunities which have considerable upside in the near term."

Primewest's VP of Acquisitions, Bryce Margetts states, "We are fortunate to be in a position to be able to seize opportunities like this. The yield is very attractive and provides an excellent return to our investors."

Strategically located at the base of Whistler Mountain and adjacent to the Hilton Hotel, the retail space is home to a mix of prominent local businesses including Lululemon, Peak Performance, The Rocky Mountain Chocolate Factory, L'Occitane, Teppan Village Japanese Steak House and a number of art dealers - all of whom have been tenants for many years.

The property was built in 1982 and was part of a $52 million major upgrade to the Hilton Hotel and retail complex in 2005.

The $25.13 million acquisition of Goldman Sachs' only Canadian real estate asset was assisted by Colliers International's commercial real estate executive, Avtar Bains and financed by a syndicate led by Coast Capital Savings.

About Primewest

Primewest Partners is a private Vancouver based real estate company focused on West Coast real estate opportunities. Primewest provides a full range of asset and property management, acquisition, development and leasing services.

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