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Photo credit: scotiaplaza.com
KingSett Capital is poised to acquire a 50% stake in Scotia Plaza from Dream Office REIT and H&R REIT, according to Reuters. The two trusts bought the iconic bank tower for $1.3B in 2012, the largest single-asset sale in Canadian commercial real estate history. Dream owns two-thirds of the 2M SF office building and H&R controls a third. Citing sources familiar with the situation, Reuters reports the sellers have had talks with a range of foreign players, too, including Anbang Insurance Group. Dream Office, in the midst of a $1.2B asset disposition, plans to sell a 16.66% interest in Scotia Plaza, while H&R will sell its entire stake. [Reuters]
