News Summary

Westbank Corp. has sold its entire stake in the Squamish Nation’s Senakw housing project in Vancouver. The project, which began in 2022 with the help of a $1.4 billion federal loan, is one of the largest First Nations economic development initiatives in Canadian history. OPTrust, a major Canadian pension fund, has acquired Westbank’s stake, resulting in equal ownership of phases 1 and 2 between OPTrust and the Squamish Nation. The move is seen as a step towards the Nation’s financial independence, with the Nation now holding 100% ownership of phases 3 and 4. The development will include 6,000 rental units, half financed by Ottawa’s loan. The project is significant for its alignment with both the Squamish Nation’s and OPTrust’s long-term visions and values.