Wonderful Waterloo Archive

This site is maintained by Sam Nabi as a record of the vibrant Wonderful Waterloo community, which was taken offline in 2014. This site is a partial archive, containing some posts from 2009-2013. To read more about the recovery effort and access the data in a machine-readable format, check out the GitHub page.

Several Downtown Office & Retail assets set to be sold to Dundee REIT

Post #21235 12-15-2010 10:28 AM benjaminbach Town Member	Originally posted at BenjaminBach.com Dundee REIT is set to buy the part of Realex properties it doesn’t already own for $154,400,000 This includes several commercial real estate properties in Kitchener Waterloo including: Market Square – 239,689 sq ft Galleria – 237,146 sq ft 50 Queen – 169,616 sq ft 235 King – 100,798 22 Frederick – 95,841 sq ft The Accelerator Centre – 92,808 sq ft in the University of Waterloo Research and Technology Park Realex also owns commercial properties (office, retail & industrial) in Alberta and BC that were included in the sale. Click here for a list of Realex’s commercial real estate holdings. The Canadian Press reports in Canadian Business that ‘The board of directors of both Dundee REIT and Realex – officers of which hold 49 per cent of Realex shares and have agreed to tender – have approved the deal.” “The acquisition still needs approval of at least two-thirds of shareholders at a meeting expected to take place in January, as well as regulatory approval. The deal is expected to close by February.” Dundee REIT is a national real estate investment trust that owns about 11 million square feet of office and industrial assets across Canada, including Class A buildings in Toronto on Bay, Adelaide, York and University.
Post #21236 12-15-2010 10:51 AM Spokes Conurbation Member Kitchener Joined Dec 2009 5007 posts	Wow! Thanks for the inside info! That's a huge deal. Weren't a lot of these properties just aquired by Realex just a couple of years ago from the Cora Group? Edit: Yup, the same six properties were bought from Cora Group for $141 million, and now being sold for $154.4 million 2 and a half years later....Nice return on investment. Sure shows how valuable things are becoming in Waterloo Region!
Post #21237 12-15-2010 11:08 AM benjaminbach Town Member Kitchener Waterloo Joined Oct 2010 289 posts Benjamin Bach, Sales Rep & Director at KW Commercial \| Read my real estate investment blog Not intended to solicit clients or properties under contract.	Originally Posted by Spokes Wow! Thanks for the inside info! That's a huge deal. Weren't a lot of these properties just aquired by Realex just a couple of years ago from the Cora Group? Edit: Yup, the same six properties were bought from Cora Group for $141 million, and now being sold for $154.4 million 2 and a half years later....Nice return on investment. Sure shows how valuable things are becoming in Waterloo Region! Yes, Realex bought these assets from Cora. Dundee didn't buy the local assets from Realex for 154 mil, they bought the rest of Realex (they already own part). Realex portfolio includes several buildings in KW, plus several large buildings in Alberta; the figures above don't represent the return on investment for the Kitchener Waterloo assets.
Post #21238 12-15-2010 11:12 AM Spokes Conurbation Member Kitchener Joined Dec 2009 5007 posts	Originally Posted by benjaminbach Yes, Realex bought these assets from Cora. Dundee didn't buy the local assets from Realex for 154 mil, they bought the rest of Realex (they already own part). Realex portfolio includes several buildings in KW, plus several large buildings in Alberta; the figures above don't represent the return on investment for the Kitchener Waterloo assets. Ohh sorry, I misread that. Either way, that's a big deal.
Post #21312 12-16-2010 05:10 AM benjaminbach Town Member Kitchener Waterloo Joined Oct 2010 289 posts Benjamin Bach, Sales Rep & Director at KW Commercial \| Read my real estate investment blog Not intended to solicit clients or properties under contract.	Originally Posted by Spokes Either way, that's a big deal. Yes. Over at my blog post discussing the Realex Sale it's noted that the full enterprise value of Realex is approx $385 million.