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

<articleLocation” > Real estate financial investment trust Dream Office REIT (D_u. TO) said it would sell a 50 percent interest in Scotia Plaza, Canada’s second highest office building, to KingSett Capital and AIMCo. KingSett Capital and AIMCo, as Alberta Investment Management Corp is understood, would buy the interest in the structure from Dream Workplace REIT and H&R REIT (HR_u. TO). Under the offer, 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 earnings of about $115 million prior to 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; Modifying by Leslie Adler).

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