"In Europe, there's a lot of red tape and bureaucracy. TrizecHahn has built a number of outstanding, award-winning properties, but it's been determined there are great opportunities in the US office market," reports the spokesperson. "They're going with where the opportunities are--and that's not in Europe."

The assets sold in this recent round of deals are: Bay-Adelaide Centre in Toronto; Number One Poultry in London; First Stamford Place in Stamford, CT; and Camp Creek in Atlanta; Spring Park I and II in Sugarland West in Herndon, MD. All of the sales have been closed except for Bay-Adelaide. It is expected, she relates, that this will be accomplished in 30 days.

She adds, "The company is working to create a very focused office market with an eye toward seven major US cities. They also have a landbank for new development. Offices make up 80% of their assets. Office will be core, but there are also plans for technology centers-telecom hotels."

TrizecHahn holdings in Europe include: 50% of the Westend City Center in Budapest; 56% of the Olympia Center in Brno, Czech Republic; 50% of Polus Center in Budapest; 100% of Le Gran Manzana in Madrid; 50% of Village Entertainment Park in Athens; 75% of Porto Allegro in Montesilvano, Italy; and 100% of Haus am Zwiger in Dresden, Germany. The occupancy of the buildings are all 91% or greater, except in the Haus am Zwinger, where the rate falls to 58%. All of these will be sold "in a timely manner" she reports.

In addition to speaking with GlobeSt.com, the spokesperson released a written statement from TrizecHahn's CEO Christopher Mackenzie on the $417 million sales. It reads, "With these dispositions, TrizecHahn continues to make significant progress toward creating a real estate company focused on the US office business aimed at driving growth and value for shareholders." The company itself is based in Toronto, Canada.

Instant Insights /

TrizecHahn Sells $417 Mil Assets, Plans to Dispose of All Assets in Europe

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