Dream Office Real Estate Investment Trust T.D.UN

Dream Office sold 438 University

[EstevanOutsider]

looks like last week to the Government of Ontario.
 

article says $105 million but prior article said they had more interest than expected so they upped their price. i guess we'll find out soon.

in any case, it's a slight premum to where they are trading at today on a psf basis ($295 v. $326 received).

article:

https://greenstreetnews.com/article/dream-office-selects-buyer-for-438-university-avenue/

 

[garyreins]

I guess the days of fetching $500+ sq foot are over.  No wonder this trd is in the dumpster, what is manji doing buying it

[Frankie10]

Imho, I don't think this moves the needle much on the income statement (positive or negative)... but this is a huge positive for the balance sheet. Per my review of Dream Office's debt, there is $400m of mortgage maturities between the end of Q1 til the end of 2025. This sale generates liquidity and greatly helps with managing these debt maturities. For those unaware - Dream Office had no

[DeanEdmonton]

Frankiw - I agree with you. They did not get a great price ,no two ways about it, but given there lack of Liquidity they didn't really have many options outside of taking on more debt in the form of an operating loan. As you rightly say, being in a postion to payout or down, matruing mortgages gioves them a LOT more leaverage with their lenders, and you can bet the lenders were going to