Germany's Union Investment has sold the Bell Trinity Square tower in Toronto to Canadian investment firm Northam Realty Advisors Limited for CA$368.5 mln (EUR 300 mln). Union Investment decided to sell now to take advantage of strong demand for prime property in Canada and to generate a profitable return on the office tower complex which it had acquired in 2005 for CA$263 mln on behalf of two of its German open-ended real estate funds.
Germany's Union Investment has sold the Bell Trinity Square tower in Toronto to Canadian investment firm Northam Realty Advisors Limited for CA$368.5 mln (EUR 300 mln). Union Investment decided to sell now to take advantage of strong demand for prime property in Canada and to generate a profitable return on the office tower complex which it had acquired in 2005 for CA$263 mln on behalf of two of its German open-ended real estate funds.
The 86,616 m2 Bell Trinity Square complex comprises a 15-storey tower and a 10-storey tower and is situated in Toronto’s business district with direct access to the downtown Eaton Centre retail complex. The building was constructed in 1983 for Bell Canada, one of the current major tenants.
Union Investment's UniImmo: Global fund had a 65% stake in the building's holding company, while UniInstitutional European Real Estate owned 35%.
During the seven-year holding period, Union Investment developed Bell Trinity Square into a class A property and upgraded it to a green building. Improvements to energy efficiency meant Bell Trinity Square was the first building in Toronto to receive an LEED EB (Existing Building) gold rating, in 2011. It was also awarded the Building Performance Award for the lowest energy use last year.
Bell Trinity Square comprises a 15-storey tower and a 10-storey tower and is situated in Toronto’s business district with direct access to the downtown Eaton Centre retail complex. The building was constructed in 1983 for Bell Canada, one of the current major tenants.
After selling Bell Trinity Square, Union Investment no longer has any holdings in Canada but is understood to be monitoring the market.