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LONDON-Slough Estates has finally exited Canada with the sale of its remaining asset, a 50% stake in Willingdon Park in Vancouver to its partner, Hospitals of Ontario Pension Plan for euro 51.4 million ($65.6 million). Executives of the group, which provides flexible business space, said the sale of Willingdon Park completes its exit from Canada, in line with the company’s strategy to refocus its North American business. Sale receipts will be spent on new health-science property developments in Southern California where company officials expect opportunity.

“The sale of Willingdon Park completes Slough Estates’ exit from Canada,” says chief executive Ian Coull, “in line with the company’s strategy to refocus its North American business. The sale proceeds will be recycled into new health-science property developments in Southern California where we believe there are excellent prospects in the medium term.”

The sale has been seen by some analysts as a reversal of the company’s intention, announced in September, to exit the Californian health-science property market. When Slough revealed its quarterly results earlier this year, Coull said that the intention was to sell the rest of the North American portfolio and its entire retail holdings–the best performing part of the portfolio–comprising six shopping centers. But now Slough seems to have reversed that decision and will continue to invest in the sector, where it already has a euro 783,775 million ($1 billion) portfolio, specifically in San Diego and south San Francisco.

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