Transactions - AUGUST 4, 2014

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Ponte Gadea enters Toronto with $235m buy

by Andrea Waitrovich

Spain-based Ponte Gadea is in contract to buy Renaissance Plaza, a 269,205-square-foot office property in Toronto, for $235.1 million. The sellers are joint venture partners Kevric, Cadim Inc. and PSP Investments. The acquisition is Ponte Gadea’s first Canadian property.

The 10-story office building has 27,010 square feet of street retail. Major tenants include Louis Vuitton, Tiffany and HSBC.

Since 2001, Ponte Gadea has made $5.9 billion in acquisitions, targeting retail and office space in the United States, Spain and the United Kingdom.

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