Sell Toronto Assets like SL Green in New YorkIf DAM/Cooper and Artis all want out, put some Toronto assets up for sale. Look what SL Green has achieved. They are up 30% since Friday. What might a $400 million sale of Adelaide Place ($600/foot) do for the Dream Office unit price?
Cooper has previously said that 655 Bay and 438 University were not commodity buildings and that he felt they could maybe sell for a higher price. The Dream Office full NAV assumes a value of ~$600/foot for Toronto properties as an average. We are trading in public markets for around 36% of the suggested NAV of $35.85 following the fully subscribed SIB. A 64% discount to NAV.
Between Adelaide Place, 655 Bay and 438 University is 1.3 million square feet of downtown Toronto real estate. At $600/foot, that would be $780 million.