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Dream's Scotia Plaza Sale Expected To Lure Foreign Buyers

Scotia Plaza in Toronto
Photo credit: Scotia Plaza

Dream Office REIT wants to sell half its stake in Scotia Plaza, and strong interest is expected from foreign buyers and Canadian pension funds, according to a report from Reuters. The trust, formerly Dundee REIT, acquired a two-thirds interest in the 2M SF office tower in 2012 (H&R REIT purchased the remaining stake) in a $1.3B deal that represented the largest single asset sale in Canadian commercial real estate history. Last month, Dream Office announced plans to sell $1.2B worth of non-core assets in the next three years. The trust is working with TD Bank and CBRE on the potential Scotia Plaza sale. [Reuters]

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