OTTAWA (dpa-AFX) - Bank of Nova Scotia (BNS, BNS.TO) or Scotiabank announced Tuesday that it has entered into an agreement to sell its interest in the Scotia Plaza complex to Dundee REIT and H&R REIT for approximately $1.266 billion. The sale is expected to close on or about June 20, 2012.
Scotiabank announced that it has entered into a lease agreement to secure its occupancy as the anchor tenant throughout the Scotia Plaza complex for an average of 13.5 years, including in the main tower at 40 King Street West , and in the bank building at 44 King Street West. There are other ancillary properties on the city block that are included in the sale. The complex contains about 2 million square feet of rentable area. Scotiabank occupies 61% of the area and the complex is currently 99.5% occupied.
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