VANCOUVER — Developer Westbank Corp. has sold its entire stake in the Squamish Nation’s massive Senakw housing project, which broke ground in Vancouver in 2022, backed by a $1.4-billion federal loan for construction.
The nation issued a statement Thursday saying OPTrust, which manages one of Canada’s largest pension funds, had bought out Westbank’s stake, increasing OPTrust’s ownership in the first two phases of the development to 50 per cent.
“This decision to support the sale of Westbank’s share to a strong Canadian pension fund was rooted in protecting the nation’s business interests in the project, strengthening the future of this development and honouring our nation’s sovereignty,” the nation said
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