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Ottawa sells buildings in $1.64B lease-back deal Aug 20, 2007 04:48 PM Canadian Press OTTAWA – The federal government has sold nine office properties to a Vancouver-based real-estate company for $1.64 billion, but will lease them back for the next 25 years. Larco Investments Ltd. made the purchase after what the government called "an extensive open, transparent and competitive process" involving properties in Vancouver, Edmonton, Calgary, Toronto, Ottawa and Montreal. Public Works Minister Michael Fortier says the government sought independent advice from Deutsche Bank before making the sale, concluding it is a fair deal for taxpayers, particularly since markets were favourable at the time. A government statement says the deal makes good sense because it transfers ownership risk for major capital costs to the private sector and ensures the buildings are properly maintained. It says the conditions of the leases are fair and stable, and Ottawa will maintain the right to name the buildings. Fortier says office space is a commodity and government does not need to own it to use it. The transaction increases the percentage of leased properties in the Public Works portfolio from to 47 per cent from 43.
