The Vancouver School of Theology (VST) is selling its Iona Building, in the theological neighbourhood of the University of British Columbia (UBC) campus, to UBC for an agreed price of $28 million.
The deal has yet to be finalized by both sides, but the schools announced in a joint press release that UBC plans to take possession of the building in July 2014 and begin using the facility, which will house UBC’s Vancouver School of Economics.
VST, an independent theological school, plans to use part of the proceeds of the sale to continue its existing operations as a theological college at UBC and to set aside a substantial portion of the remainder in an endowment that will generate income to support professional and pastoral training. It retains ownership of nearby Somerville House and Chapel of the Epiphany. The Iona Building was built in 1927 on land leased from UBC for 999 years.
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The deal has yet to be finalized by both sides, but the schools announced in a joint press release that UBC plans to take possession of the building in July 2014 and begin using the facility, which will house UBC’s Vancouver School of Economics.
VST, an independent theological school, plans to use part of the proceeds of the sale to continue its existing operations as a theological college at UBC and to set aside a substantial portion of the remainder in an endowment that will generate income to support professional and pastoral training. It retains ownership of nearby Somerville House and Chapel of the Epiphany. The Iona Building was built in 1927 on land leased from UBC for 999 years.
Read it all.
