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Brookfield’s Canadian REIT buys Toronto tower development from parent company

A view in 2009 from the first tower of the Bay Adelaide Centre in Toronto, looking at what is now the site of Bay Adelaide Centre East.

J.P. MOCZULSKI/The Globe and Mail

Brookfield Canada Office Properties has acquired the Bay Adelaide Centre East development in downtown Toronto from its parent company for $602-million.

The 44-storey office tower currently under construction is expected to open in late 2015. It is 60 per cent pre-leased to anchor tenants Deloitte and Borden Ladner Gervais.

A west tower has been open since 2009.

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The subsidiary's (TSX:) financial commitment to Brookfield Office Properties Inc. includes $170-million representing the amount invested and value created to date in the project and $350-million from a construction loan.

The deal also calls for $26-million in up-front equity and $56-million on stabilization.

Brookfield Canada Office Properties has a portfolio that includes 28 office properties totalling 20.7 million square feet in the downtown cores of Toronto, Calgary, Ottawa and Vancouver.

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