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BRIEF-Dream Office announces sale of $1.7 bln of properties
2017年6月22日 / 晚上8点44分 / 5 个月前

BRIEF-Dream Office announces sale of $1.7 bln of properties

June 22 (Reuters) - Dream Office Real Estate Investment Trust:

* Dream Office announces sale of $1.7B of properties with $1.4B sale to KingSett, including interest in Scotia Plaza, announces $440M substantial issuer bid and revision of distribution

* Dream Office Real Estate Investment Trust - to revise Trust’s distribution from $1.50 per unit to $1.00 per unit, on an annualized basis

* Dream Office Real Estate Investment Trust- originally anticipated that it would take three years to sell $1.2 billion of assets

* Dream Office Real Estate Investment Trust- now expect that we will be able to sell $3.2 billion in 18 months

* Dream Office Real Estate Investment Trust - gross disposition price for trust’s 50% interest in Scotia Plaza is $750 million

* Dream Office Real Estate Investment Trust - estimated debt-to-gross book value will be approximately 43% upon repayment of credit facility

* Dream Office REIT - “estimate we will have over $300 million of cash to continue to execute on value-add initiatives for business and unitholders”

* Dream Office Real Estate Investment Trust - additional assets for sale include about $740 million of properties identified as private market assets or value-add assets

* Dream Office REIT - if all properties under contract are sold, expects to receive net proceeds of about $970 million during Q3 and Q4 of this year

* Dream Office Real Estate Investment Trust - revising distribution to retain maintenance capital for capital expenditures, generate investment capital

* Dream Office Real Estate Investment Trust-related to 50% interest in scotia plaza, expects to receive net proceeds of about $423 million before closing costs Source text for Eikon: Further company coverage:

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