News
Dream Office REIT Sells 1.5M SF Alberta Portfolio
Dream Office REIT has agreements to sell a portfolio of 12 Alberta properties, 1.5M SF GLA total, for $200M. The transaction, part of the REIT’s $1.2B asset disposition plan, is subject to regulatory approvals and expected to close this quarter. Dream, whose Alberta holdings include Edmonton's HSBC Bank Place (above), didn’t disclose the specific buildings involved in the sale, nor the buyer, but the Globe and Mail reported Slate Asset Management is in talks with the trust to buy all or part of the Alberta portfolio. Last summer, the REIT wrote down the value of its Alberta holdings by $748M. It also sold a 16.7% stake in Scotia Plaza for $114M.
