Canadian REIT unloads office space

An IPC US REIT subsidiary, IPC Inc., has completed the sale of Bank One Plaza, a 231,000-square-foot office building located in Lexington, Ky.

 

Proceeds from the sale were $24 million after all costs related to the transaction.

 

The REIT’s property management group, IPC Real Estate Management LLC, will retain ongoing property management and leasing for the property.

 

The sale represents the REIT’s first disposition since its IPO. The property was purchased in October 2002, for $21.6 million.

 

IPC is a real estate investment trust located in Canada that invests exclusively in U.S. commercial real estate. The units of the REIT are listed on the Toronto Stock Exchange under the symbol “IUR.UN” for Canadian dollar quoted units and “IUR.U” for U.S. dollar quoted units.

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