Key Takeaways
- • KingSett Capital has acquired 86 unsold residential units at Highline Metrotown in Burnaby through a credit bid following the project's receivership, which began in December 2024, according to Supreme Court of British Columbia filings.
- • The acquisition covers approximately 72% of the 119 unsold units in the 48-storey mixed-use tower, which was financed by a $176.5 million inventory loan from KingSett that triggered the receivership action.
- • Highline Metrotown consists of 332 strata residential units across a tower completed in late 2023, with a 10-storey hotel base (Hyatt Place Metrotown) that was separately sold to Mundi Hotel Enterprises for $47.2 million in late 2024.
- • The acquisition represents the culmination of a protracted sales process that initially involved Rennie as sales agent before being replaced by developer Anthem Properties in October 2025, followed by a court-ordered parallel sales process for the remaining unit block initiated in March 2026.
- • This transaction is one of multiple insolvencies involving Thind Properties and KingSett Capital, with the developer owing approximately $500 million across multiple projects including the Eclipse Brentwood development, also placed under creditor protection in January 2025.
Summary
Toronto-based private equity real estate firm KingSett Capital has completed a credit bid to assume control of 86 unsold residential units at Highline Metrotown in Burnaby, British Columbia, following the project's placement under receivership in December 2024. The acquisition was approved through filings in the Supreme Court of British Columbia and reflects KingSett's enforcement action on a $176.5 million inventory financing facility extended to developer Thind Properties.
Highline Metrotown, located at 6511 Sussex Avenue adjacent to Metrotown Station, is a 48-storey mixed-use tower that completed construction in late 2023. The project comprises 332 residential strata units across residential floors, with 119 units (35.8% of the residential inventory) remaining unsold at the time of the receivership filing. The tower's base consists of 10 storeys of commercial space, originally designed as office space but subsequently converted into a hotel. Thind Properties sold the hotel component—a Hyatt Place Metrotown that opened several months prior to the receivership—to Mundi Hotel Enterprises for $47.2 million in November 2024.
The path to KingSett's acquisition involved a series of marketing and sales process adjustments. Rennie was initially retained by the court-appointed Receiver to market the unsold units, but was replaced as sales agent by developer Anthem Properties in October 2025. In March 2026, the Receiver initiated a parallel court-ordered sales process specifically for the block of unsold units as a whole, distinct from the individual unit sales process being conducted by Anthem. KingSett's credit bid acquisition of the 86 units represents the resolution of this extended disposition effort, occurring amid a weak real estate market that had constrained sales velocity.
This transaction is part of a broader financial distress situation affecting Thind Properties across multiple projects. KingSett Capital has simultaneously placed the developer's Eclipse Brentwood project—a 34-storey tower also in Burnaby—under creditor protection in January 2025. Thind's total indebtedness to KingSett Capital across multiple proceedings has reached approximately $500 million, with KingSett pursuing receivership actions and creditor protection filings to recover its advances on multiple residential and mixed-use developments.
Highline Metrotown, located at 6511 Sussex Avenue adjacent to Metrotown Station, is a 48-storey mixed-use tower that completed construction in late 2023. The project comprises 332 residential strata units across residential floors, with 119 units (35.8% of the residential inventory) remaining unsold at the time of the receivership filing. The tower's base consists of 10 storeys of commercial space, originally designed as office space but subsequently converted into a hotel. Thind Properties sold the hotel component—a Hyatt Place Metrotown that opened several months prior to the receivership—to Mundi Hotel Enterprises for $47.2 million in November 2024.
The path to KingSett's acquisition involved a series of marketing and sales process adjustments. Rennie was initially retained by the court-appointed Receiver to market the unsold units, but was replaced as sales agent by developer Anthem Properties in October 2025. In March 2026, the Receiver initiated a parallel court-ordered sales process specifically for the block of unsold units as a whole, distinct from the individual unit sales process being conducted by Anthem. KingSett's credit bid acquisition of the 86 units represents the resolution of this extended disposition effort, occurring amid a weak real estate market that had constrained sales velocity.
This transaction is part of a broader financial distress situation affecting Thind Properties across multiple projects. KingSett Capital has simultaneously placed the developer's Eclipse Brentwood project—a 34-storey tower also in Burnaby—under creditor protection in January 2025. Thind's total indebtedness to KingSett Capital across multiple proceedings has reached approximately $500 million, with KingSett pursuing receivership actions and creditor protection filings to recover its advances on multiple residential and mixed-use developments.
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