ICM Announces the Sale of Cecil Place

(November 2024 – Calgary, Alberta) ICM Asset Management has successfully completed the sale of Cecil Place, a 61,977-square-foot mixed-use office and retail property located on Jasper Avenue in downtown Edmonton. The transaction was completed at a strong premium relative to recent office transactions within the downtown core. This disposition underscores ICM’s strategic focus on reducing exposure to non-core positions and reallocating capital toward opportunities that align with long-term value creation.

Cecil Place was 43% occupied at the time of sale. While the building holds significant architectural appeal, the Edmonton office market faced challenges influenced by reduced foot traffic and broader economic pressures following COVID-19 resulting in marginal forward-looking, risk-adjusted returns. Leasing activity for the office component showed modest progress, while retail tenants continued to navigate challenges associated with lower downtown visitation rates.

“Risk-adjusted returns are a key factor in our portfolio decisions. As markets change we are prepared to change our strategy and divest assets. The sale of Cecil Place enables us to reallocate capital to markets and asset classes with a stronger risk-adjusted return outlook.”

– John Courtliff, CEO & Portfolio Manager at ICM Asset Management

The transaction highlights ICM’s ability to address market conditions and marks another step in ICM’s strategy to refine its portfolio and concentrate on investments that align with its vision for long-term success.

The property was managed by Epic Investment Services, ICM’s trusted partner for Canadian commercial real estate property management.