Dream Investment Fund Selling 9 Saskatoon Office Buildings
A massive real estate deal could soon be in the works after Dream Investment Fund decided to list 9 office buildings for sale. Three of the buildings are located in Saskatoon and 6 are located in Regina. The buildings all together total more than half a million square feet of office and retail space. The buildings represent, in terms of floor space, 40 percent of Dream’s properties in Saskatchewan.
Dream Office REIT chief financial officer, Rajeev Viswanathan gave a statemet to the Regina Post saying “We announced last February our strategic plan to dispose of assets. The potential disposition of certain assets in Saskatchewan is consistent with that plan.” Last year they announced plans to sell about $1.2 Billion worth of non-core assets over the next three years. This includes properties that are “peripherally located or in declining locations with lower potential for long-term income growth.”
This is the third major deal that Dream office REIT has announced this year. The first was a $140 million deal for seven properties in Kitchener and Waterloo, and the second was a $200 million agreement for 12 properties in Alberta.
The properties up for sale in Saskatchewan include T&T towers on Third Avenue North, which Dream bought for $40 Million in 2013, the Royal Centre on First Avenue South and the Preston Center on Eighth Street East.
Categorized in: Real Estate News