One of Calgary’s most photographed landmarks – the massive Bow Building – has been sold in a $1.67 billion deal..H&R REIT said they will use proceeds from the deal – about $800 million – to pay down debt..The 2.0 million sq. ft. Bow office tower and the 1.1 million sq. ft. Bell office campus located in Mississauga, Ont., was sold for combined gross proceeds of approximately $1.47 billion..It was bought by Chicago-based Oak Street Real Estate Capital with lease financing arrangement with Deutsche Bank.. Screen-Shot-2021-08-03-at-11.30.50-AMThe Bow. Courtesy Wikiipedia .H&R will retain 15% of net rent from the Ovintiv tenant, formerly known as Encana, and will retain the management contracts on the Bow and Bell Campus, together valued at approximately $203 million..“Today’s announcement is evidence of our commitment to our strategic repositioning and is a critical step forward on our path to achieving a more simplified structure”, said Thomas Hofstedter, President & CEO of H&R..“We appreciate the patience and support of our unitholders as we continue to pursue opportunities to further enhance the value of our units.”.H&R REIT is one of Canada’s largest real estate investment trusts with total assets of approximately $13.2 billion on March 31, 2021..Dave Naylor is the News Editor of the Western Standard.,dnaylor@westernstandardonline.com,.Twitter.com/nobby7694
One of Calgary’s most photographed landmarks – the massive Bow Building – has been sold in a $1.67 billion deal..H&R REIT said they will use proceeds from the deal – about $800 million – to pay down debt..The 2.0 million sq. ft. Bow office tower and the 1.1 million sq. ft. Bell office campus located in Mississauga, Ont., was sold for combined gross proceeds of approximately $1.47 billion..It was bought by Chicago-based Oak Street Real Estate Capital with lease financing arrangement with Deutsche Bank.. Screen-Shot-2021-08-03-at-11.30.50-AMThe Bow. Courtesy Wikiipedia .H&R will retain 15% of net rent from the Ovintiv tenant, formerly known as Encana, and will retain the management contracts on the Bow and Bell Campus, together valued at approximately $203 million..“Today’s announcement is evidence of our commitment to our strategic repositioning and is a critical step forward on our path to achieving a more simplified structure”, said Thomas Hofstedter, President & CEO of H&R..“We appreciate the patience and support of our unitholders as we continue to pursue opportunities to further enhance the value of our units.”.H&R REIT is one of Canada’s largest real estate investment trusts with total assets of approximately $13.2 billion on March 31, 2021..Dave Naylor is the News Editor of the Western Standard.,dnaylor@westernstandardonline.com,.Twitter.com/nobby7694
