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Trizec Boss Vows to Continue Sales Strategy

CHICAGO-The 445,000-sf Desert Passage retail property in Las Vegas could be the next deal announced by Trizec Properties, Inc., which aims to sell another $300 million in assets in 2004.

By Mark Ruda | Updated on November 19, 2003

CHICAGO-Trizec Properties Inc. officials hope to sell about $300 million in assets next year, which could include retail properties that have performed better than expected this year. The REIT already has sold six properties in 2003 for nearly $295 million, which has reduced its debt load by $145 million.

“We’re going to opportunistically sell more assets,” said president and CEO Timothy H. Callahan in the company’s recent earnings conference call.

That could include office buildings in what the REIT considers to be its “non-core” markets as well as retail and hotel properties it has been attempting to shed. “It could go either way,” Callahan said of the sales mix.

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