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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.

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Une bonne nouvelle, le gouvernement a pas besoin de gérer des buildings, c'est pas sa buisness (il gaspille déjà assez).

 

Aussi, quelqu'un voudrait faire le lien entre se débarasser de buildings de Montréal au cas d'une éventuelle séparation?

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Une bonne nouvelle, le gouvernement a pas besoin de gérer des buildings, c'est pas sa buisness (il gaspille déjà assez).

 

Exactement. C'est en plein ce qu'on essaie de faire comprendre aux compagnies qui veulent êtrer proprios de leurs édifices. Nous essayons de leurs faire comprendre que ce n'est pas la meilleure chose pour eux. Ils sont mieux de louer, et de ne pas se soucier des problèmes avec la "brique et le Mortier"!!

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