Nova Scotia-based Armco Capital Inc., which has already acquired several downtown Calgary properties in recent years, is set to buy Stephen Avenue Place as well as the Kraft Building and Venator Building, according to court documents.

Formerly known as the Scotia Centre, the 40-storey office tower at 700 2nd Street SW was acquired in 2018 by Toronto-based Slate Asset Management, which renovated and rebranded it as Stephen Avenue Place.

The Kraft and Venator Buildings are two small retail properties at 222 8 Avenue SW and 228 8 Avenue SW that are also owned by Slate Asset Management. Tenants of the properties include Dollarama and McDonald’s. The two buildings are adjacent and directly connected to Stephen Avenue Place via the Plus 15 skywalk network.

All three properties are under receivership, but are now set to be acquired by Armco Capital pending approval at a court hearing scheduled for April 10.

The receiverships

Stephen Avenue Place was originally placed under receivership in October 2023 by Timbercreek Financial. The two sides reached a forbearance agreement a few months later and the receivership was terminated, but Slate later defaulted on the forbearance agreement.

In December 2025, Timbercreek then initiated receivership against the Kraft and Venator Buildings, describing a similar sequence of events. According to Timbercreek, Slate defaulted on a loan agreement in September 2023, the two sides entered into a forbearance agreement in April 2024, then Slate later defaulted on the forbearance agreement.

Both forbearance agreement defaults were related to Metrotown Place, an office complex in Burnaby, B.C. which Slate was planning to upgrade and convert into a strata office project called Capital Point. Slate later cancelled the project and had been trying to sell the property since April 2022, but was unable to successfully complete a sale. That resulted in Metrotown Place being placed under receivership in July 2024 by American lenders.

Metrotown Place was sold to the City of Burnaby for $65 million a few months later. As part of the forbearance agreements for the two Calgary properties, Slate was required to make certain payments after the sale of Metrotown Place, but did not do so, resulting in Stephen Avenue Place being placed under receivership a second time in October 2025, as previously reported by RENX. The Kraft and Venator Buildings were placed under receivership in January.

The pending sale

Walsh Mannas, Kevin Morgans, Ryan Swelin and Nathan Drury of Avison Young listed Stephen Avenue Place in December, then the Kraft and Venator Buildings (together) in January. The initial asking prices were $60 million and $5.6 million, respectively.

According to separate court applications dated March 31, Avison Young received seven offers for Stephen Avenue Place and six offers for the Kraft and Venator Buildings. The offers that were ultimately selected were both made by Armco Capital Inc. through Armco Hotels LP.

The exact sale prices have not been disclosed, but court documents state Timbercreek was owed approximately $139.1 million as of October 2025 and that “there will be significant shortfall in repaying the Timbercreek Indebtedness.” In a press release in October 2024, Timbercreek noted, however, it had syndicated the loan on a pari-passu basis with two other partners and that its exposure was just $15 million.

As it relates to the Kraft and Venator Buildings, court documents state Timbercreek was owed approximately $11.9 million as of December 2025 and, again, there will be a “significant shortfall.”

In both cases, the court-appointed receiver — MNP Ltd. — said it believes the properties had received sufficient exposure to the market, that both prices “represents the best value” for the properties and that “it is unlikely that extending the Marketing Process would result in a superior offer.”

RENX has not received a response from Timbercreek to a request for comment. Slate Asset Management declined to comment for the story. Reached for comment, Armco Capital declined to share the exact purchase prices.

The Armoyan companies involvement

Armco Capital was founded in 1982 by the family of George Armoyan and is the wholly-owned real estate subsidiary of the Armoyan family’s private investment company G2S2 Capital Inc.

Armoyan was formerly the board chair of Slate Office REIT, the office-focused trust formerly managed by Slate Asset Management. G2S2 Capital was one of the largest shareholders of the REIT and pushed for management of the REIT to be internalized in late-2024.

The REIT then rebranded as Ravelin Properties REIT in January 2025. Most recently, in March, Clarke Inc. — another company controlled by George Armoyan – announced it was acquiring Ravelin in an all-stock deal valued at $1.1 billion.

Outside of Slate and Ravelin, Armoyan has already built a portfolio of high-profile office properties in downtown Calgary in recent years, a bet on the long-term health of the economy and the office market in Calgary.

• In October 2023, G2S2 Capital acquired the 32-storey Altius Centre at 504 4 Ave SW from Choice Properties REIT.
• In October 2024, G2S2 Capital acquired the four-tower Bow Valley Square at 205 5 Ave SW from Oxford Properties and AIMCo.
• The following month, G2S2 then acquired the 41-storey First Canadian Centre at 350 7 Ave SW from GWL Realty Advisors.
• Most recently, in September 2025, G2S2 acquired the 28-storey First Tower at 411 1st Street SE from Hines and Oaktree Capital.

Altogether, the four properties total to approximately three million square feet of office space. With Stephen Avenue Place, that total will rise to 3.6 million square feet.