CBE sells former education centre
Building sold to institutional investor in western Canada for $35.5 million
The Calgary Board of Education has sold its former education centre for $35.5 million.
The building which is located at 515 McLeod Trail S.E. was sold to an institutional investor in western Canada.
"The sale of the old education centre is part of a long-term, integrated facilities strategy for the CBE," said Naomi Johnson, chief superintendent of schools. "Finalization of this sale puts in place the last component of the complex and lengthy development of the new Education Centre."
The property was listed by a commercial real estate service-provider, CBRE Limited, who marketted the property internationally through a competitive bid process, with multiple purchase offers received.
The sale was approved as part of the development plan for the modernization of the historic Dr. Carl Safran Centre and construction of the new Education Centre at 1221 Eighth St. S.W.
CBE moved into the new centre July 2011.
The revenue from the sale of the old building will be placed in reserve and used to repay approximately $20 million of interim financing for the Dr. Carl Safran Centre and Connaught School.