Dream Office REIT to sell 50 pct interest in Scotia Plaza to KingSett, AIMCo

Mon Jun 20, 2016 7:27pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

June 20 (Reuters) - Real estate investment trust Dream Office REIT said it would sell a 50 percent interest in Scotia Plaza, Canada's second tallest office building, to KingSett Capital and AIMCo.

KingSett Capital and AIMCo, as Alberta Investment Management Corp is known, would buy the interest in the building from Dream Office REIT and H&R REIT.

Under the deal, KingSett and AIMco will buy a 16.67 percent stake in Scotia Plaza from Dream Office and H&R REIT's 33.3 percent stake.

Dream Office, which would continue to own a 50 percent interest in Scotia Plaza, said it will receive net proceeds of about $115 million before closing costs and adjustments.

The 68-story Scotia Tower is in the heart of Toronto's financial district and a prominent landmark.

(Reporting by Rama Venkat Raman in Bengaluru; Editing by Leslie Adler)