TrizecHahn expands in U.S. with Laing buy

Article Abstract:

TrizecHahn Corp., a Toronto, Ontario-based company, is acquiring Laing Properties Inc., a real estate company based in Atlanta, GA, for approximately $300 million. The acquisition is part of the company's plan to spend the $2.3 billion in gross proceeds it gained from selling 20 shopping malls in the US by acquiring real estate businesses in the same country. The move will eliminate the US capital gain tax that TrizecHahn will have to pay if it will not reinvest the proceeds in the US. TrizecHahn has already closed property deals in the US valued at approximately $500 million.

Comment:

Is acquiring Laing Properties Inc, a real estate company based in Atlanta, GA, for approximately $300 million

Canada, Asset sales & divestitures, Foreign operations, Laing Properties Inc.

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TrizecHahn buys two U.S. office buildings

Article Abstract:

TrizecHahn Corp. has acquired two office buildings located in Silver Spring, MD, and Memphis, TN, for a total of $77 million. The Silver Spring Center acquisition in Silver Spring totalled to about $22 million while the Clark Towers in Memphis was purchased for about $55 million. Company officials stated that the two downtown buildings contain a total of 870,000-sq-ft of space and was purchased at prices that are below 40% replacement cost. TrizecHahn's office portfolio consists of 31 buildings in Canada, one in the United Kingdom and 55 in the US.

Comment:

Acquires two office buildings located in Silver Spring, MD, and Memphis, TN, for a total of $77 million

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TrizecHahn on 'very short list' for Hancock Centre

Article Abstract:

TrizecHahn Corp. a Toronto, Ontario-based real estate developer, is on the brief roster of bidders for the John Hancock Centre, the 100-story landmark office tower in Chicago, IL, according to sources in the real estate industry. The building was put on sale in June 1998 by owner John Hancock Mutual Life Insurance Co. as part of an effort to divest over 150 real estate holdings. TrizecHahn must spend the C$1.2-billion it obtained from selling its shopping mall portfolio in the US in order to avoid paying capital gains taxes.

Comment:

Is on the brief roster of bidders for John Hancock Centre, the 100-story landmark office tower in Chicago, IL

Illinois

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