X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TORONTO-The Paul Reichmann Family has invested an additional $10 million in IPC US Real Estate Investment Trust, a locally headquartered public company focused exclusively on US real estate assets. The investment, made pursuant to the Reichmann Family’s pre-emptive rights, increase its economic interest in the company to 13%.The REIT will now beneficially own an 87% economic interest in IPC, which has ownership interests in and manages 34 buildings in the United States with 8.5 million sf of rentable space. The figure includes IPC’s pending $56.3-million acquisition of the 844,000-sf class A San Jacinto Tower in the Dallas CBD that GlobeSt.com reported early last month.IPC is the only REIT in Canada that invests exclusively in U.S. commercial real estate. The Dallas purchase is scheduled to close any day now. After closing the deal, IPC is expected to flip a 15% stake to locally based PNL Cos., which headquarters in the 33-story tower at 2121 San Jacinto St. in the Dallas CBD. The seller is Red River LP, an affiliate of the Texas Teachers Retirement System, and Farmington Casualty Co., part of the St. Paul Cos.The Reichmann Family, which owned half of the office buildings in New York and Toronto during the 1980s, lost all but a fraction of its multi-billion-dollar fortune in the early 1990s after gambling on the Canary Wharf development in London and losing when the London property market crashed and burned, leaving 30 million sf of empty office space.

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?

 

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 © 2022 ALM Global, LLC. All Rights Reserved.