On July 29, 2008, DEGI International acquired Petroleum Plaza in downtown Edmonton, Alberta. DEGI acquired a 100% freehold interest from KingSett Real Estate Growth LP No. 1 at a price of $130 million.
Petroleum Plaza is located in an area known as the Government District, and is comprised of two office towers connected by a retail podium at grade, with an aggregate rentable area of approximately 315,000 square feet.
DEGI International is a German open-ended real estate investment fund with properties in approximately 15 countries.
Fasken Martineau acted for DEGI in this transaction, with a team led by Mark Brennan and comprised of Linda Huynh and Dugan Edmison (real estate), Anthony Baldanza and Mark Magro (competition) and Robert Elliott (banking regulatory).