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Station Tower Not Part Of Dream Office REIT’s $1.2B Asset Sale

Vancouver Office

Dream Office REIT considers Station Tower in Surrey an irreplaceable asset, and will not be including the 18-storey building in the $1.2B property sale it announced last week. But Canada’s largest pure-play office REIT says it's identified good quality but non-core assets—mostly in the Toronto suburbs, Ottawa and Vancouver—that it’s seeking to sell by 2018 in a bid to offset Alberta's economic uncertainty. Dream chair Michael Cooper called the plan—expected to generate net proceeds of $700M—a “private equity-like strategy that will create a leanermore resilient and valuable company for our unitholders.”