For more retail coverage, click GlobeSt.com/RETAIL.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.