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TrizecHahn Spinning Off US Office Portfolio as a REIT

NEW YORK CITY-The firm plans to sell off much of its portfolio so it can develop its global technology center business.

By John Howe | Updated on December 21, 2000

NEW YORK CITY-TrizecHahn, the Toronto-based owner, operator and developer of office properties in North America and Europe, plans to split its carrier hotels holding and its US office building portfolio into two separate organizations. Carrier hotels house communications equipment for Internet companies. Peter Munk, company chairman and founder, made the announcement during a conference call to discuss the recent appointment of Christopher Mackenzie as chief executive officer.

Munk noted that the US office business would be transformed into a REIT over the next year. Beginning in the first quarter of 2001, the unit will be made “identifiable as a separate business,” he said. The reorganization will make it easier to sell the properties to shareholders or an investor. Earlier this year, the firm announced plans to sell about a third of its assets to develop its global technology center business in conjunction with Global Switch International. TrizecHahn has a two-thirds stake in the British-based company.

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