The Bell Campus in Mississauga will soon have a new owner after the property changes hands in a $1.67 billion deal.
H&R Real Estate Investment Trust announced on Tuesday that they have entered an agreement to sell the 1.1-million-sq-ft Mississauga property to Oak Street Real Estate Capital. The 2-million-sq-ft Bow office tower in Calgary is also included in the sale.
The Bell Campus, located at 5115 Creekbank Road, was valued at $457,000,000 and the Bow tower at a whopping $1,216,000,000. A majority of the proceeds from the sale will be used to “pay down debt and to facilitate further strategic initiatives,” according to a press release.
“Today’s announcement is evidence of our commitment to our strategic repositioning and is a critical step forward on our path to achieving a more simplified structure,” said Thomas Hofstedter, president & CEO of H&R. “We appreciate the patience and support of our unitholders as we continue to pursue opportunities to further enhance the value of our units.”
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H&R will continue to act as manager of the Bell Campus for the remainder of Bell’s lease, the end date for which was not released.