Quest University sale details redacted from newly disclosed agreements

The purchase price for Quest University’s campus has been censored from a contract released by Capilano University.

Under the freedom of information law, Capilano released three heavily redacted agreements. The North Vancouver university’s risk management and privacy officer Jacquetta Goy said “redactions have been applied on the grounds of disclosures harmful to the business interests of a third party … and on the grounds of disclosures harmful to personal privacy.”

“We’re looking at an expenditure of around $100 million — $60 million for the campus and Capilano has options to buy four residences which will be at least another $40 million,” said researcher Vivian Krause, who has analyzed the history and taxation implications of Quest land deals. “It’s shocking to see such a heavily redacted document, it’s shocking to see dates and amounts blacked out, it’s shocking to see the names of law firms blacked out.

Primacorp paid $43 million for the land and university buildings to rescue Quest out of court protection from creditors in December 2020 and agreed to provide student recruitment, marketing and fundraising services for Quest. Quest’s biggest lender, the Vanchorverve Foundation, had demanded repayment of $23.4 million at the start of 2020.

That contract refers to an original agreement of purchase and sale made March 30, 2023 between Primacorp, New Quest and the secret assignor. The only hint about the identity of the assignor is that it is incorporated under Alberta laws. The deal announced last month did not include the student dormitory buildings. A spokesperson for Robinson said the government was looking at an opportunity to acquire the student housing buildings, which would accommodate 450 beds.

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