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Article: GE Real Estate to acquire Canadian portfolio for $2.4b.
- Article from:
- Real Estate Weekly
- Article date:
- June 13, 2007
CopyrightCOPYRIGHT 2007 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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GE Real Estate, a unit of GE Commercial Finance, and Dundee REIT announced that they have executed a definitive agreement whereby Dundee REIT's operating subsidiary will sell its portfolio of real estate assets located principally in Ontario, Quebec and Newfoundland to GE Real Estate for approximately $2.4 billion CDN.
As part of this transaction, GE Real Estate has agreed to purchase $165 million of outstanding units of Dundee REIT, which will give GE Real Estate an approximate 18% equity interest in Dundee REIT following completion. Dundee REIT will continue to own $1.5 billion of real estate assets in Western Canada.
Dundee REIT will apply the ...