Cressey buys controlling stake in strata that failed in court to wind up (BC)

The saga surrounding a Vancouver condominium building, where owners opposed to selling the site won in B.C. Supreme Court to stop a proposed strata wind-up attempt, has taken a surprise turn.   Cressey Development Group finalized agreements on December 4 to buy 29 of 36 units, Cressey executive vice-president Hani Lammam confirmed to Business in Vancouver December 5.  The transactions give Cressey more than 80% of the units – an important threshold because of a B.C. law that went into effect last year that stipulated that if 80% of owners in a building agree that they want to sell the site, they are able to go to B.C. Supreme Court to get approval to transfer ownership to a liquidator that would market the property, complete a sale and distribute assets to owners.    Read the article……………….

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