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Dream Office REIT to sell 50 pct interest in Scotia Plaza to KingSett, AIMCo

Published 2016-06-20, 07:27 p/m
© Reuters. Dream Office REIT to sell 50 pct interest in Scotia Plaza to KingSett, AIMCo
D_u
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HR_u
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June 20 (Reuters) - Real estate investment trust Dream
Office REIT D_u.TO said it would sell a 50 percent interest in
Scotia Plaza, Canada's second tallest office building, to
KingSett Capital and AIMCo.
KingSett Capital and AIMCo, as Alberta Investment Management
Corp is known, would buy the interest in the building from Dream
Office REIT and H&R REIT HR_u.TO .
Under the deal, KingSett and AIMco will buy a 16.67 percent
stake in Scotia Plaza from Dream Office and H&R REIT's 33.3
percent stake.
Dream Office, which would continue to own a 50 percent
interest in Scotia Plaza, said it will receive net proceeds of
about $115 million before closing costs and adjustments.
The 68-story Scotia Tower is in the heart of Toronto's
financial district and a prominent landmark.

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