“Standard Life real estate portfolio deal worth $500-million in the offing”

Courtesy The National Post

“While the housing market languishes, investment activity in commercial property continues to be red hot, with a $500-million deal for Standard Life’s real estate portfolio the latest on the horizon.

By some definitions, this could make 2012 the best year ever for commercial property sales — a year in which the Bank of Nova Scotia sold its head office for a record-breaking $1.27-billion.

Postmedia News has learned that Montreal-based Standard Life is selling a major Toronto office along with three other properties in Montreal, Calgary and Edmonton in what would be the third-largest deal of the year.

Standard Life spokeswoman Ann-Marie Gagné confirmed the sale of the two buildings in Alberta, but would not disclose the purchase price. The two had been part of a deal for a four-piece portfolio but it has since been broken up into two transactions.”

View the full article HERE.