Dundee Real Estate Investment Trust (D_u.TO) said on Thursday it would purchase 29 office properties in a C$831.8 million ($881.2 million) deal that ranks as the largest of its kind involving a Canadian REIT. Dundee's agreement with affiliates of Blackstone Real Estate Advisors and Slate Properties was one of a spate of property deals announced by Canadian property companies. The office portfolio includes assets in Toronto, Ottawa, Edmonton and Calgary. It will allow Dundee to capitalize on rental rate increases in most of the markets as leases roll over, the company said. In May, Blackstone Group (BX.N), a U.S.-based private equity investor, began looking to sell a number of Canadian properties in May as the value of its real estate funds rose.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 4.55% or $0.74/share to $17.00. In the past year, the shares have traded as low as $9.89 and as high as $19.63. On average, 3345310 shares of BX exchange hands on a given day and today's volume is recorded at 3834207.
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