Information Coming in for A Few Of the Properties Sold in $1.14 Billion Handle Slate, Including 55 University Avenue
Visualized: 55 University Ave. in Toronto.The most costly home in Cominar Realty Investment Trust’s sale of$ 1.14 billion of its possessions was an 18-storey building that Slate Acquisitions resold for $195.1 million, according to land transfer records. Winnipeg-based I.G. Financial Investment Management Ltd. was the supreme purchaser of 55 University Ave. in Toronto, however the business seems a subsidiary of Investors Group, a brand of publicly-traded IGM Financial Inc. IGM itself is a subsidiary of Power Corp. of Canada. With its December 2017 handle Slate closing in March, more information on the major personality on exactly what was called at the time 97 non-core residential or commercial properties with 6.2 million square feet of space, are starting to become clear. The non-core market portfolio was made up of possessions in the Greater Toronto Location, the Atlantic provinces and western Canada. Cominar stated at the time that the general capitalization rate of the income-producing homes to be offered was estimated at 6.2 percent, including
5.3 percent for the Greater Toronto Area. The REIT stated it wound up offering 95 homes for$ 1.14 billion while Slate presumed $106.2 million of home loan debt.” I am delighted to have closed the sale of Cominar’s non-core market portfolio. This transaction will allow Cominar to focus on its core markets portfolio in Montreal, Québec City and Ottawa,” stated Sylvain Cossette, president and president of Cominar, last month. However, prior to the deal was closed, Slate started marketing parts of the portfolio consisting of the building at 55 University Ave. it offered to Financiers, and lining up deals in advance of the close that saved money on some land transfer fees. Ultimately, said one source, Slate may have created$ 100 million to$ 150 million more on the rate paid to Cominar, which saw Michael Dallaire, the business’s former president, resign as chairman of the board of trustees in February
. In November 2017, Cominar stated Sylvain Cossette was taking control of as chief executive officer, a move that coincided with the choice to offer non-core assets to reduce the company’s debt ratio. RBC Capital Markets and CBRE were maintained, and about a month later the deal with Slate was announced. A few of the assets obtained by Slate were offered to associated entities. Slate Workplace Realty Financial Investment Trust paid$ 191.4 million to buy 7 homes in the GTA and Atlantic Canada at$ 192
per square foot.” It’s unclear what does it cost? this created for Slate, “said another source. Some of the properties offered by Cominar , like 55 University Ave., were purchased by the REIT as part of a portfolio. Another residential or commercial property sold by Slate before the offer
closed was 6325 Northam Drive. KingSett Capital openly acknowledged it had purchased a 33-acre site near the Toronto airport, called the American Business Park, but did not divulge the price. CoStar research study shows the website, that includes 552,675 square feet of commercial area, sold for$ 90.6 million.” You can’t really say who did well on this today. You cannot state Slate won this or Cominar. There is simply too much real estate, “stated one source.” For Cominar, they wished to eliminate some stuff and Slate has the capital and is a little bit more active to resolve all the real estate.
” The REIT did reveal last month it was shocking its board, bringing in 3 brand-new members it referred to as having deep property and capital markets experience. To find out more on the sale of 55 University Ave., please see CoStar Compensation # 4196443.< a class=" hover" href= "mailto:[email protected]"
target=” _ top “> Garry Marr, Toronto Market Press Reporter CoStar Group.