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Peterson Acquires Full Ownership and Control of Sperling Limited Partnership
Vancouver, BC – February 7, 2025 — Peterson Group (“Peterson”), a leading real estate investment, development, property management, capital lending and private equity company, today announced that it has acquired the full partnership interest and control in Sperling Limited Partnership (“Sperling LP”), the developer of the former Saputo lands at 6800 Lougheed Highway, Burnaby, British Columbia (the “Project”).
In 2018, Peterson entered into a joint venture to develop a mixed-use community on the Project lands. The Project is currently subject to a Companies’ Creditors Arrangement Act (the “CCAA”) proceeding, as the ultimate consequence of a partnership dispute. Despite this challenge, Peterson continued to fulfil its obligations as loan guarantor and continued to make 100% of the interest payments on the Project debt.
Having acquired full control of Sperling LP, Peterson is negotiating new financing arrangements for the Project debt, and when completed, the CCAA process will be terminated.
Peterson is actively advancing the final steps in site-specific zoning of the first phase at the Project lands, which is expected in the next few months. Once complete, the Project will provide over 4,000 homes and substantial commercial and employment generating space for families and businesses.
Over more than four decades, Peterson has built a strong reputation, and many successful partnerships based on the values of integrity and transparency. Peterson is delivering on its commitment to acquire the Project, repay the debt in full and bring much-needed housing to Burnaby, as quickly as possible.
About Peterson
Starting from a single building on Alberni Street in Vancouver and extending to a range of projects across North America, Peterson Group (Peterson) has seen exponential growth, diversifying its capabilities within the real estate sector. Peterson holds ownership of 7.9 million square feet of income-generating properties and boasts over 2,300 residential and hospitality units. It has also played a significant role in the development of an additional 16.2 million square feet of property. Despite its impressive growth, Peterson remains rooted in its core values, prioritizing relationships, honouring its commitments, and aims to contribute meaningfully to building a better future for all.
Media Contact
Nicole Jerick
Talk Shop Media
604 738 2220
nicole@talkshopmedia.com
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