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TORONTO--(BUSINESS WIRE)--DREAM OFFICE REIT (D.UN-TSX) or (the “Trust” or “we”) announces the sale of its 438 University Avenue property in Toronto, Ontario, for gross proceeds before transaction costs of approximately $105.6 million or approximately $327 per square foot. As part of the transaction, the Trust secured the benefit of relocating approximately 17,000 sf of tenants from 438 University Avenue to other downtown Toronto buildings within the Trust’s portfolio which will increase net operating income in those buildings by over $1 million on an annual basis. In addition, the Trust also received a relocation right to move one of the last tenants at 250 Dundas St. W. so that the building is fully unencumbered and would reduce costs significantly in the development pro forma, therefore improving the profit and value of our purpose-built rental development site. The Trust and the purchaser have also entered into a property management agreement at market terms for the Trust to continue to manage the property for the purchaser for a period of three years. We believe the transaction is attractive to the Trust as we estimate that these combined incremental benefits represent a value of over $20 million or $62 per square foot to the Trust. The Trust intends to use the proceeds to repay the approximately $68.8 million property mortgage outstanding and use the balance of the proceeds to pay down its corporate credit facility to reduce leverage and improve liquidity. The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions. Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 3.5 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world. For more information, please visit our website at www.dreamofficereit.ca. Forward Looking Information This press release may contain forward-looking information within the meaning of applicable securities legislation, including specific statements regarding benefits to the Trust of relocating tenants, including the effect of such relocations on net operating income, the profitability and value of contemplated development projects, use of transaction proceeds and the effect of that use on leverage and liquidity, our ability to satisfy closing conditions and our expectations for closing timing. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream Office REIT’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; our ability to refinance maturing debt; our ability to sell investment properties at a price which reflects fair value; leasing risks, including those associated with the ability to lease vacant space; and market interest rate fluctuations. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. Dream Office REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is contained in Dream Office REIT’s filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dream Office REIT’s website at www.dreamofficereit.ca. Contacts For further information, please contact: Michael J. CooperChairman and Chief Executive Officer (416) 365-5145 mcooper@dream.ca Jay JiangChief Financial Officer (416) 365-6638 jjiang@dream.ca The post Dream Office REIT Reports Disposition of 438 University Avenue appeared first on REIT REPORT.
Not for distribution to U.S. News Wire Services or dissemination in the United States. TORONTO--(BUSINESS WIRE)--#ChoiceProperties--Choice...
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