The Bank of Nova Scotia’s iconic tower in Downtown Toronto has sold to a partnership between Dundee Real Estate Investment Trust and H&R REIT for a record $1.27 billion which represents $640 per square foot and a 5.2% cap rate.  The property is 61% leased to the Bank of Nova Scotia for 13.5 years and will be financed by a 7 year mortgage bond at 3.45%.

Courtesy of The Globe & Mail (http://www.theglobeandmail.com/globe-investor/landmark-scotia-plaza-sold-for-record-127-billion/article2440355/)

Intergulf Development Group has applied to the City of Vancouver to rezone seven single family lots at Cambie and West 29th. The site, located at 4533-4591 Cambie Street will be rezoned from RS-1 to CD-1, as provided under the Cambie Corridor Plan. The proposal is for three 6-storey residential buildings containing 177 units and 8 townhouses, with 20 per cent of the total number of units (37 units) being provided as market rental housing. The proposal includes a density of 2.62 FSR and 195 underground parking spaces.

The development is broken down into three seperate blocks that follow the natural curve of Cambie Street. The individual buildings offer variation in scale and length while remaining consistent in character and materiality.