OMERS buys Hammerson assets

Article Abstract:

Hammerson PLC's real estate assets in Canada is acquired by the Ontario Municipal Employees Retirement Board (OMERS), a large public pension fund in Canada, for approximately C$800 million. The acquisition of UK-based Hammerson's Canadian assets, which consist of five shopping centers and three office buildings in Ontario, is part of OMERS's plan to boost its presence in the real estate sector and control between 10% and 15% of its assets in real estate. Twelve percent of OMERS's total assets of around C$31 billion is now in real estate, including the Hammerson Canadian assets. Along with the repayment of debt, Hammerson will obtain net proceeds of C$600 million in cash for its Canadian assets.

Comment:

Sells its Canadian real estate assets to pension fund Ontario Municipal Employees Retirement Board for approx C$800 mil

United Kingdom, Asset sales & divestitures, Foreign operations, Real Estate, Real Estate and Rental and Leasing

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Hammerson puts Canadian assets on sale

Article Abstract:

Hammerson PLC, a property investment firm based in London, UK, has put its Canadian real estate holdings up for sale. Hammerson Canada's real estate assets, which is being controlled by its subsidiary, Hammerson Canada Inc., consist a total of 2.8 million sq ft in five shopping centers in Ontario, including the Square One shopping complex in Mississauga, Ontario. The Canadian subsidiary, which posted assets of C$631 million at end of 1997, accounted for approximately one sixth of Hammerson's rental income in 1997.

Comment:

Puts Canadian real estate holdings up for sale

Real Estate Agents & Brokers, Offices of Real Estate Agents and Brokers, Real estate agents

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Calgary: Western Canada's head-office capital

Article Abstract:

Trizec-Hahn Corp's Bankers Hall West facility is expected to bolster Calgary's position as Western Canada's headquarters capital. The 52-story building, situated in the middle of Calgary's financial district, has already found enough tenants for one-half of the facility. Bankers Hall West is one of the three major office buildings being constructed in Calgary, the other two are the Millennium Tower and TransCanada PipeLines Ltd's new headquarters.

Land Subdivision and Land Development, Office & Commercial Developers, Trizec-Hahn Corp.

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