On June 15, 2012, Dream Office REIT, together with H&R REIT, completed its acquisition of Scotia Plaza in downtown Toronto for a total purchase price of $1.266 billion, a record price for a single Canadian office project and the only acquisition of a major Triple A building in Toronto by a REIT. Under the arrangement, Dream Office REIT will hold a two-thirds interest and will jointly own the property with H&R REIT, which will hold one-third interest. The transaction was awarded NAIOP’s ‘Investment Deal of the Year’ for 2012.
Osler, Hoskin & Harcourt LLP represented Dream Office REIT and H&R REIT with a team consisting of George Valentini, Paul Morassutti, Adrian Hartog, Stella Di Cresce and Ryan Nielsen (Real Estate).