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Dream's Scotia Plaza Sale Expected To Lure Foreign Buyers
Scotia Plaza
Dream Office REIT wants to sell half its stake in Scotia Plaza, and strong interest is expected from foreign buyers and Canadian pension funds, according to a report from Reuters. The trust, formerly Dundee REIT, acquired a two-thirds interest in the 2M SF office tower in 2012 (H&R REIT purchased the remaining stake) in a $1.3B deal that represented the largest single asset sale in Canadian commercial real estate history. Last month, Dream Office announced plans to sell $1.2B worth of non-core assets in the next three years. The trust is working with TD Bank and CBRE on the potential Scotia Plaza sale. [Reuters]
