NEW YORK CITY-TrizecHahn, the Toronto-based owner, operator and developer of office properties in North America and Europe, plans to divide its operations into two separate organizations. Company chairman Peter Munk announced the move in a conference call, noting that the change was prompted by the disappointing performance of its stock over the past year and a half. Munk took personal responsibility that the share price had not risen to reflect the company’s true value.

TrizecHahn’s carrier hotels, which house communications equipment for Internet companies, will be spun off into one entity; its US office portfolio into a real estate investment trust. The changeover to a REIT will take place over the next year. It can’t take place immediately, Munk said, because of the complexities involved in foreign ownership of real estate and the need to take steps to avoid incurring taxes.

“Creating a domestic US REIT can really deliver the benefit of cash flow without having to sell buildings and pay full tax.” Munk noted.

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