Scotiabank’s landmark Toronto tower sells for record $1.27-billion
After several months on the market and rumours of international interest, Toronto’s Dundee Real Estate Investment Trust partnered with H&R Real Estate Investment Trust to buy the 68-storey Scotia Plaza. The building will be two-thirds owned by Dundee, with H&R holding the remaining interest.
The sale is a sign of the continued strength of the Canadian office market, which has rebounded soundly since the recession. The value of high-quality downtown buildings across the country has been rising, as the same low interest rates that are driving home prices higher help property investors outbid competitors for marquee properties.