TransLink mega land deal details revealed

$450 million sale of Oakridge Transit Centre is 2016’s second-biggest public land deal in B.C.

TransLink has sold its Oakridge Transit Centre in Vancouver to a consortium of investors that includes Vancouver developer Intergulf and Richmond-based

Kunyuan International Group, a company linked to China-based investors.

A third party remains unconfirmed but is said to be Beijing-based Modern Green Development Co. Ltd., operating as Modern Investment Group.

The sale price for the 13.8-acre (5.6 hectare) site on West 41st Avenue is between $425 million and $450 million, sources have told Business in Vancouver.

TransLink has imposed a cone of silence on the transaction, despite the involvement of public-owned land.

“TransLink is bound by confidentiality provisions and is unable to provide further detail as to who the prospective buyer[s] is [are] or the contemplated transaction particulars,” said Chris Bryan, a TransLink media relations adviser.

The confidentially agreements are apparently iron clad. An agent with Cushman & Wakefield Commercial, the real estate agency that brokered the sale, said, “We can’t even talk about it in the office.”

Read the full article on BIV.com.