| TD property portfolio sale could hit $2-billion - Truscan still on block Financial Post / Dec 28, 2000 By Garry Marr The total price for Toronto-Dominion Bank's real estate portfolio could reach $2-billion, considering the keen interest in the bank's properties that are still on the block. The bank said last week it had sold its stake in the TD Centre in Toronto, the Toronto Eaton Centre and the Pacific Centre in Vancouver for $1.28-billion to Cadillac Fairview, a subsidiary of the Ontario Teachers' Pension Plan Board. Still on the block is Truscan, the portfolio TD acquired when it purchased Canada Trust. The gem in the portfolio might be the 20% stake in the Canada Trust tower at BCE Place in Toronto. Sam Damiani, an analyst with TD Newcrest, said he expects Ontario Municipal Employees Retirement System and Brookfield Properties Corp. to take the first crack at BCE Place. Spokesmen for OMERS and Brookfield could not be reached for comment yesterday. But he said the rest of the portfolio could end up being sold piecemeal for an estimated price of $650-million. That would make TD's sale the richest of the real estate selloffs by the Big Five banks. Canadian Imperial Bank of Commerce sold seven buildings across the country for $860-million while Royal Bank of Canada got $827-million for its properties. "The Truscan portfolio probably won't go to just one buyer," said Mr. Damiani. Paul Snyder, president of TD Realty-Truscan Property Corp., confirmed last week Truscan was for sale but said there is no time frame on the deal. At the time TD acquired Truscan, the bank said it wouldn't be unloading any of the property. But there was concern then that the bank might close branches. "Now that the dust has settled, they can do something," Mr. Damiani said. gmarr@nationalpost.com |