TORONTO-The only real estate investment trust in Canada focused exclusively on US commercial real estate is gaining a boost in its buying power. Locally headquartered IPC US REIT has entered into an agreement that will increase its acquisition facility from about $100 million to $150 million by the end of the year, IPC chief financial office Dov Meyer tells addition, Meyer says Allied Irish Bank has joined the lender group. Existing members of the group include Barclays Bank, Keybank, CIBC and the Royal Bank of Canada.With last week’s acquisition of a 30% interest in the State Street Financial Center in Downtown Boston, Meyer says the company retains $200 million of buying power as it heads into 2005. The increase in the facility became available thanks to growth in the company’s assets, which now exceed $1 billion. The REIT’s indebtedness ratio, as defined in its Declaration of Trust, remains in management’s desired range of 60% to 65%. IPC US REIT beneficially owns an 87% economic interest in IPC US and its affiliates. IPC manage and has ownership interests ranging from 30% to 100% in 35 buildings in the US comprising over 9.5 million sf of rentable space. In addition, the REIT holds a $51-million preferred equity investment in the 1.8-million-sf Bank of America Center in San Francisco that it acquired earlier this year.

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?


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



Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

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