TORONTO – Corus Entertainment said Monday that it has exercised its right to acquire the Corus Quay building from Toronto Port Lands Company (TPLC), and subsequently has sold the building to H&R REIT for the same cash consideration.
The state-of-the-art broadcast and office facility was originally sold to Corus 25 Dockside Property Inc., a subsidiary of Corus Entertainment, for $186 million. H&R REIT is a Toronto-based open-ended real estate investment trust that owns 40 office, 117 industrial and 133 retail properties across North America.
As part of the agreement, the long-term lease has been restructured on terms “favourable to both parties”. Under those terms, Corus Entertainment will extend the original 20-year lease term, with options to renew its lease for an additional 20 years.
