Heard about this a couple of months back. Thought it was just a rumour and didn't take it seriously. Heard that Avis and Young have been quietly trying to sell it.
@darwink I wonder if it excludes SKY Residences, since that portion would technically be owned by a condo corporation? I'm honestly not sure how that works, though, so I could be talking out of my arse.
I believe it dumping the Commercial properties and developing the Residential. Remember tower be is next up. They are just doing some tenet changes and we should see that start soon.
Sometimes Commercial sale efforts are just "feelers" to establish real market value as opposed to theoretical value -- it solidifies book price. However, if a big fish bites, well...
It makes sense to monetize if they've reached as high a lease threshold as they see in the next five years. Pension funds like to convert money now into money for the long term. Two good lead tenants in those buildings.
Considering how many big players who once had big holdings here are divesting themselves from small markets like Edmonton, I wonder who some potential buyers would be.
Considering how many big players who once had big holdings here are divesting themselves from small markets like Edmonton, I wonder who some potential buyers would be.
These wouldn't be a Edmonton sentiment play though, it would be like buying a bond - you have secure leases. Even if you have to value the investment at quite a low residual value you should still find a fund chasing security.
