St.Pauls Hospital served the community for over 125 years and was sold to Concord Pacific last year with an estimated price to be worth 1 billion dollars. The Auditor General revealed recently that the price of the transaction was 850 million dollars, 150 million dollars short from the 1 billion mark. The deal was closed on July 31, 2020, followed by an announcement on August 12, 2020.
Auditor General describes the deals as “significant, complex transaction”, the properties will be transferred on July 31, 2027. The transfer date really depends on when the new construction of the hospital is completed.
The 6.6-acre hospital site at 1081 Burrard Street has serviced the community for over 125 years and will be relocated to False Creek Flats with increased capacity and newest medical equipment. It is currently under construction. As of March 2021, the outstanding amount owing is $725 million. The hospital is still operating under a sale-leaseback agreement.
The proceeds from sale will go directly to cover part of the $2.2 billion hospital. $1.158 will be funded by the provincial government and St Paul’s Foundation will cover the remaining $125 million through fundraising effort.