Dream REIT selling $1.2 billion in office space

The real estate investment trust is selling nine office towers across Saskatchewan

By
regina / saskatoon
April 7, 2017





wh man Dream tower.jpg

 

Nine office buildings, three in Saskatoon and six in Regina, have been put up for sale by Dream Office Real Estate Investment Trust. In total, they represent more than 500,000 square feet of office and retail space and 40 per cent of Dream’s portfolio in Saskatchewan.

The Toronto-based fund announced last year that it plans to sell about $1.2 billion worth of non-core properties across the country over the next three years.

Dream sold a dozen buildings in Alberta earlier this year for $200 million plus another seven in Kitchener and Waterloo for another $140 million.

The buildings include Saskatoon’s T & T Towers on Third Avenue North, the Royal Centre on First Avenue South and the Preston Centre on Eighth Street East. In Regina, Dream is selling five buildings in the downtown area plus a suburban office building in the Harbour Landing Business Park that’s adjacent to the city’s international airport.

Michael Cooper, Dream’s chairman, said the fund’s “private equity-like” strategy would create a leaner, more resilient and valuable company.


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