Toronto-based O&Y is Canada's only pure play office REIT. It owns a national portfolio of 19 multi-tenant and government office buildings across Canada totaling 4.7 million sf. The Asper family owns Winnipeg-based CanWest Global Communications Corp. Its Global Television network reaches 94% of Canadians.
With regard to the surrounding vacant land, O&Y REIT and the Asper family have submitted a proposal to Manitoba Hydro, in response to that company's request for proposals with regard to its search for a Downtown parcel on which to develop a 400,000-sf headquarters building. O&Y's proposal is one of 11 being considered by Manitoba Hydro, which will select a site sometime this summer.
O&Y's VP of Finance Floriana Cipollone tells GlobeSt.com that O&Y reviews all properties that are up for sale in Canada and that they are in due diligence for TD Centre because "it's a great asset and it made sense." She declined to reveal the agreed upon sale price for the property because the transaction has not yet closed.
In addition to TD Centre, O&Y REIT has an option to purchase the Maritime Life Tower, the first office tower to be developed in Downtown Toronto in nearly a decade. The seller of the 20-story office tower would be O&Y Properties Corp.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
