Aspen was incorporated August 14, 1997 and acquired by Scott Hutcheson and former management in 1998,with the objective of growing a disciplined entrepreneurial, value-add real estate organization.
Within a year of founding Aspen the portfolio grew to approximately 358,000 square feet which included three downtown commercial assets in Calgary. Later Aspen partnered with Cadillac Fairview Corporation on a development site in the Eau Claire district that Aspen assembled.
In 2000, through a takeover bid, Aspen was successful in acquiring a significant block of shares of publicly traded Consolidated Properties Ltd. (TSX – COP), resulting in the acquisition of a portfolio of 42 commercial properties across Canada comprised of office, retail, industrial and residential assets. With this acquisition, Aspen obtained a larger scale operating platform and began an asset specific value enhancement and disposition program of the Consolidated Properties assets.
Recognizing the opportunity for economic growth in Alberta, and given Aspen’s management expertise and experience in repositioning downtown office buildings, Aspen commenced a plan of refocusing its portfolio and by 2005 it had disposed of all assets acquired through Consolidated Properties and had redeployed the resulting capital into downtown office buildings in Calgary and Edmonton.
Aspen privatized its subsidiary, Consolidated Properties Ltd. and its parent, CML Global Capital Ltd. in January 2005 and later that month established an investment relationship with a Canadian institutional pension fund partner.
Aspen is currently in the pre-leasing phase of its next downtown Calgary office development: the 1.25 million square foot, two tower “AAA” class LEEDS Gold Palliser East and West towers.
Aspen continues to co-invest with its institutional pension fund partner.
Canada’s 50 Best Managed Companies
- 2012 Regional Finalist
- 2011 Regional Finalist
- 2010 Regional Finalist
Alberta’s Best Workplaces
- 2011 Best Workplace for Health and Safety
- 2010 Best Workplace Overall (under 100 employees)
- 2010 Best Workplace for Volunteerism and Community Involvement
- 2010 Best Workplace for Perks and Incentives