Continuing our tradition of owning and  developing alongside like-minded partners, our North American property business closed a large joint venture partnership with a Canadian pension fund and British Columbia-based family office Westerkirk Capital Inc to build Phase 1 of Brentwood Block in Burnaby, British Columbia, Canada.

This project marks our largest-ever commitment to the North American housing market, enabling us to deliver essential housing for our communities at a significant scale while providing attractive returns.

Phase 1 of the C$1.8bn, 7.9-acre master-planned development will bring 1,730 new homes to Metro Vancouver, including 1,279 rental units, with 204 offered below market rate – representing one of the largest rental housing components in the region. Brentwood Block will also feature a multi-storey community centre, 200,000 sq ft of commercial and 50,000 sq ft of green space, next to rapid transit connections.

This innovative pedestrian-focused community aligns with our 2030 net zero carbon goals and exceeds the City of Burnaby’s sustainability requirements with electric appliances, energy-efficient heating and cooling, LED lighting and smart thermostats.