Dundee REIT Purchases Slate/Blackstone Office Portfolio for $831.8 Million
|Areas||Commercial Real Estate, Competition, Antitrust and Foreign Investment, Employment and Labour, Private Equity, REITs and Income Securities, Tax|
Goodmans represented Blackstone Real Estate Advisors LP (“Blackstone”) and Slate Properties Inc. (“Slate”) in connection with Dundee Real Estate Investment Trust's (“Dundee”) purchase of a Canadian office portfolio consisting of 29 properties located in Calgary, Edmonton, Toronto and Ottawa for a purchase price of $831.8 million. As part of the deal, Dundee redirected title to four of the properties to Allied Properties Real Estate Investment Trust and one property to KingSett Canadian Real Estate Income Fund LP for a combined sale price of $142 million. This transaction constituted the largest office portfolio ever acquired by a Canadian REIT.
New York-based Blackstone Real Estate Advisors is the investment arm of the Blackstone Group specializing in real estate investing. The firm invests in public-to-private transactions with a focus on hotels, residential property, and industrial companies and office REITs, and other real estate intensive businesses, either alone or in partnership with corporate private equity funds. Slate Properties is a Canadian private equity real estate and asset management company whose portfolio currently comprises commercial real estate assets in Canada and the United States. Dundee REIT is focused on owning, acquiring, leasing and managing mid-sized urban and suburban office and industrial properties in Canada.