Billionaire Stephen Ross Believes in South Florida—and Is Spending Big to Transform It
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
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The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
Initial data on US gross domestic product for the first quarter of 2024 is set to confirm an ongoing economic boom amid a tailwind from surging immigration.
A South Florida office skyscraper from Related Cos. landed new finance tenants, including a John Paulson business and a private equity firm that counts Mark Bezos as a founding partner.
Oracle Corp. is moving its headquarters out of the city. Tesla Inc. is pulling back after a rapid expansion. Almost a quarter of commercial office space is vacant, and nowhere in the country have residential real estate prices fallen further from their pandemic peak.
Mortgage rates in the US increased for a fourth straight week.
Jun 21, 2016
The Canadian Press
TORONTO -- KingSett Capital and the Alberta Investment Management Corp. are acquiring a 50 per cent interest in Scotia Plaza, including 100 Yonge St. in downtown Toronto, in a deal valued at well over half a billion dollars.
Under the arrangement, KingSett and AIMCo have agreed to buy a 16.67 per cent ownership interest in the property from Dream Office REIT while concurrently acquiring the 33.33 interest currently owned by H&R REIT.
Following the transaction, Dream REIT, which expects to received net proceeds of $115 million in the deal, will continue to own a 50 per cent interest in Scotia Plaza.
H&R said is selling its interest for about $433 million and expects net proceeds of about $229 million before closing cost and adjustment after the buyers assume its share of existing financing.
H&R says it will use the proceeds to repay debt, including the $180 million in unsecured debentures maturing in July 2016.
Closing is expected to occur on or about June 30.