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.