Tag Archives: slate

Slate Ready to Flip Cominar Assets

Toronto-based Company Close to Selling Tower it Bought From REIT in 2017 and Has Two Other Characteristic on Block

Imagined: 55 University Ave. in downtown Toronto.The ink hasn’t dried on one of 2017’s biggest realty offers, however sources indicate Slate Acquisitions Inc. remains in the procedure of flipping some of the $1.14 billion in property it purchased from Cominar Realty Investment Trust. Sources inform CoStar News that Slate is close to

selling an office tower it obtained at 55 University Ave. with offers coming in between $700 to$ 750 per square foot for the 258,000-square-foot structure. Slate has also put both the Dixie Outlet Shopping Mall and Woodside Square on the marketplace. The original deal with Cominar is scheduled to close in March, but by turning some of the homes before that close, millions in land property transfer taxes will be prevented.” The Bay Street structure was considered a key part of the deal,” said one source.” It’s truly a B Class structure but in an A Class location.” Cominar could not be grabbed comment. A Slate official said the business could not comment because the original offer had actually not closed. The 2

shopping malls on the marketplace comprise about 700,000 square feet of gross leasable area with a capacity for 4.4 million of mixed-use residential and retail advancement. The approximate 400,000-square-foot Dixie Shopping center lies at Dixie Rd. and the QEW, while Woodside is a 24.5-acre website in the Finch Ave. and McCowan Rd. location. The pair announced in December 2017 Quebec-City based Cominar REIT was offering 97 residential or commercial properties it considers non-core to Slate Acquisitions Inc. The relocation includes 6.2 million square feet and leaves the REIT concentrated on the province of Quebec without any properties in western Canada, the Greater Toronto Area or the Atlantic provinces. In January, Slate announced that Slate Office REIT was purchasing$ 191.4 million worth of properties in the GTA and Atlantic region at $192 per square foot. Slate would now seem divesting some of the assets it has actually gotten from Cominar, including the 18-storey tower at 55 University the REIT gotten from Ivanhoé Cambridge, the realty subsidiary of the Caisse de dépôt et positioning du Québec, in 2014 as part of a$ 1.63 billion portfolio deal. Cominar plans to utilize the net proceeds from the$ 1.14 billion deal with Slate to pay for its debt, utilizing$ 875 million in net earnings to pay for the whole amount presently exceptional on its credit facility.

The REIT, which has stated it plans to sell an additional$ 1 billion to$ 1.5 billion in homes, amazed some market observers in February with the announcement that Michael Dallaire was stepping down as chairman of the

board. Dallaire had been president of REIT up until stepping down in November.” Cominar has actually been a vital part of my life considering that its production 20 years ago,” Dallaire said in declaration, which indicated he would now be focused on future advancement jobs of the Groupe Dallaire in Québec City. Garry Marr, Toronto Market Reporter CoStar Group.

MGM Resorts International re-elects whole slate of incumbent directors

An MGM Resorts International spokesperson says investors re-elected the business’s existing board of directors at its annual meeting Thursday.

MGM’s Clark Dumont verified that initial votes revealed all of the casino-hotel company’s 11 incumbent directors were re-elected.

The investment management law firm Land and Buildings, a minority shareholder, had actually recommended electing its own slate of directors and waged a campaign encouraging MGM Resorts to convert the company into a real estate financial investment trust to boost its value.

Land and Structures had said the trust structure could involve the company spinning off its hotel homes into an accommodations corporation.

Land and Structures withdrew its election battle Might 20, stating it was encouraged by steps MGM was taking. MGM had actually called the company’s proposition seriously flawed.

Land and Structures has less than 1 percent of MGM’s outstanding shares.

Dumont states MGM CEO Jim Murren told shareholders at the conference that the company has been looking at the realty investment trust structure because 2007 and remains to assess techniques to improve shareholder value.

MGM Resorts International is anticipated to launch the official vote tally later in a securities filing.