Ivanhoé Cambridge’s divestiture of hotel assets continued today with a move involving Toronto’s Fairmont Royal York Hotel. The Montreal-headquartered company has entered a definitive agreement to sell a 60 per cent share to KingSett Real Estate Growth LP No. 5 and 20 per cent to InnVest Real Estate Investment Trust (INN.UN-T), while retaining a 20 per cent interest in a deal thatvalues the 85-year-old property at $186.5 million.
Homeowners who choose the convenience of city life over the more generous living space in suburbia are driving Canada’s real estate market, according to a new report jointly produced by consultancy PricewaterhouseCoopers and the non-profit Urban Land Institute.
Canadian Pacific Railway Ltd. will seek to develop or sell about C$1 billion ($896 million) of real estate assets as part of a new plan to cut costs and double profit in four years. The shares surged to a record.