Dundee Real Estate Investment Trust fell after saying it would issue shares to help fund the purchase of two-thirds of Scotia Plaza in Canada’s most expensive office complex sale.
Dundee units fell 1.4 percent to C$36.10 at 4 p.m. in Toronto.
Dundee and H&R Real Estate Investment Trust agreed late yesterday to buy Scotia Plaza, Canada’s second-tallest office building, from Bank of Nova Scotia for a record C$1.27 billion ($1.24 billion).
Toronto-based Dundee agreed to sell as many as 9 million units of its trust at a price of C$35.90 each to help finance the sale.
The transaction will be the biggest office sale in Canada, according to Real Capital Analytics Inc., a New York-based property research company.