News
Canada’s Largest Office REIT Has Highest Jump In 7 Years After $870M Selloff Announcement
Dream Office REIT
Dream Office REIT just jumped 14%, the highest gain in seven years, after announcing its plans to sell $870M in property.
The selloff consists of one-sixth of the company’s portfolio, which will come from assets in Toronto’s suburbs, Ottawa, Vancouver and Saskatchewan.
Dream Office chairman Michael Cooper says the REIT will adopt a more "private equity-like strategy" to create a leaner company, Bloomberg reports.
Shortly after the move, Toronto-Dominion Bank bumped the REIT from "buy" to "strong buy" status. The REIT made a similar move in 2007, when the company sold enough to return C$1.6B to shareholders. [Bloomberg]
