Dundee REIT shaves $2.3 billion off portfolio

TORONTO – Dundee REIT of Toronto has sold its eastern Canadian real estate portfolio to GE Real Estate for a purchase price of $2.3 billion, or $47.50 per unit. The portfolio contains office and industrial properties located in Ontario, Quebec, Edmonton and Newfoundland.

“By reducing the size of our portfolio by two thirds and keeping the high growth assets located in Western Canada, we expect to have a lower cost of capital and be able to grow the scale of the business in a significant and accretive way. We are confident that with a smaller, more flexible and nimble REIT, we will be able to generate higher returns for our unitholders,” Michael Cooper, vice-chairman and CEO of Dundee REIT, said in a statement.

Dundee REIT now owns 4.7 million square feet of office properties and 2.1 million square feet of industrial properties throughout Western Canada. The REIT focuses on owning, acquiring, leasing and managing mid-sized urban and suburban office and industrial properties

For more information www.dundeereit.com and http://usa.gerealestate.com

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