Scotia Tower Sets Canadian Office Sale Record

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/)