Dundee REIT is set to buy the part of Realex properties it doesn’t already own for $154,400,000
This includes several commercial real estate properties in Kitchener Waterloo including:
Market Square – 239,689 sq ft (shown above)
Galleria – 237,146 sq ft
50 Queen – 169,616 sq ft
235 King – 100,798
22 Frederick – 95,841 sq ft
The Accelerator Centre – 92,808 sq ft in the University of Waterloo Research and Technology Park
Realex also owns commercial properties in Alberta and BC that were included in the sale. Click here for a list of Realex’s commercial real estate holdings.
The Globe & Mail notes that the “full enterprise value of Realex is pegged at $385-million, including the assumption of about $210-million in debt and some working capital.”
The Canadian Press reports in Canadian Business that
‘The board of directors of both Dundee REIT and Realex – officers of which hold 49 per cent of Realex shares and have agreed to tender – have approved the deal.”
“The acquisition still needs approval of at least two-thirds of shareholders at a meeting expected to take place in January, as well as regulatory approval. The deal is expected to close by February.”
Dundee REIT is a national real estate investment trust that owns about 11 million square feet of office and industrial assets across Canada, including Class A buildings in Toronto on Bay, Adelaide, York and University.