Brookfield Property Partners has sold a 50% stake in the Bay Adelaide Centre in Toronto’s financial district.
The property, with two office towers and 2.2M SF of office space, sold to British-Canadian businessman Victor Dahdaleh for $850M, CoStar reports.
Land registry documents show a deal has closed in which VPMA Bay Adelaide Property Ltd. acquired a 50% interest in the property at 333 Bay and 22 Adelaide West, according to CoStar. The paperwork was sent through Dahdaleh’s Guernsey-based privately held investment firm Dadco Investments Ltd.
Dahdaleh was tried in an international bribery case involving a 20-year bribery scheme between the U.S. aluminum giant Alcoa Inc. and a state-controlled aluminum firm in Bahrain. Dahdaleh was found not guilty in 2013.
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