NORTH VANCOUVER — Avison Young and CBRE have announced the largest industrial investment transaction completed in North Vancouver, which will provide HETC with access to large quantities of clean byproduct hydrogen.
The sale between ERCO Worldwide and HTEC, of 100 Forester St. in North Vancouver was for an undisclosed amount and closed on April 30, an Avison Young release said.
The property comprises 21.37 acres, the future site of HTEC’s North Vancouver Clean Liquid Hydrogen Facility as part of the H2 Gateway program.
ERCO Worldwide will lease back a portion of the property on a long-term basis for its manufacturing operations, which includes generating byproduct hydrogen gas through electrolysis, the release said.
“Transactions of this scale are rare throughout Canada, requiring comprehensive involvement from real estate capital markets advisers – particularly during such a swiftly changing economic landscape. Avison Young was proud to support HTEC throughout this historic, milestone transaction,” Avison Young principal Ryan Kerr said in a statement.
The advisory team’s goal was to provide HTEC with an asset that would facilitate clean energy promotion in Canada, attracting federal and institutional investor interest in ESG-focused real estate opportunities, the release said.
“This transaction marks a significant milestone in our mission to deliver clean hydrogen transportation fuel to B.C. and the broader Pacific Northwest region. We extend our sincere gratitude to Avison Young, CBRE, and the advisory teams for their unwavering support in making this project a reality,” HTEC president and CEO Colin Armstrong added.
The sale encompassed a complex, multi-year process involving transaction and capital structuring, regulatory strategizing, as well as zoning and land use approvals from the District of North Vancouver, the release added.
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