Calgary's Bow Tower sold as part of $1.67B deal
CALGARY -
One of Calgary's tallest buildings has a new owner.
H&R REIT announced Tuesday it had completed a deal that will see the two-million sq.-ft. Bow Tower in downtown Calgary and the Bell Campus in Mississauga, Ont., sold for $1.47 billion to Oak Street Real Estate Capital.
The deal also includes a secured lease financing arrangement with Deutsche Bank Credit Solutions and Direct Lending.
"H&R will effectively retain 15 per cent of net rent from the Ovintiv Lease, ownership of the adjacent lands, and will retain the management contracts on the Bow and Bell Campus, together valued at approximately $203 million," read a release.
"The transaction is valued at approximately $1.67 billion."
About $800 million from the sale will be used by H&R REIT to pay down debt and to facilitate further strategic initiatives, the company says.
"Today's announcement is evidence of our commitment to our strategic repositioning and is a critical step forward on our path to achieving a more simplified structure," Thomas Hofstedter, president and CEO of H&R, said in a release.
"We appreciate the patience and support of our unitholders as we continue to pursue opportunities to further enhance the value of our units."
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