cityscape
Scotia Plaza Sold for $1.27 Billion
Scotiabank unloads its namesake complex.
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As price tags go, it’s rather impressive: $1.266 billion. That’s how much Scotiabank will be receiving in exchange for its eponymous complex. The centre at 40 King Street West has two new owners — Dundee Real Estate Investment Trust gets a two-thirds share, and H&R Real Estate Investment Trust has picked up the remaining third. That purchase includes several buildings: the 68-storey main tower, the 27-storey older Bank of Nova Scotia building next door, and several adjoining properties—over 2 million square feet of office space in total.
In a press release issued this afternoon Scotiabank COO Sabi Marwah announced that Scotia will remain in the building as the lead tenant; they’ve signed a lease to stay on site in both the modern tower and the older tower for the next 13.5 years.