Facts & figures San Diego - TrizecHahn plans to sell most of its office portfolio in Canada for an estimated $1.7 billion, and intends to sell other assets in the United States this year.
The company wants to use the proceeds from the sales to provide what it calls "new economy" technological improvements to its existing properties, including the not-yet-opened Desert Passage in Las Vegas, the Hollywood and Highland theater complex in Hollywood, Calif., the CN Tower in Toronto and other office and entertainment buildings in Europe; and to repurchase shares of its $500 million retail portfolio, most of which it sold in 1998 to The Rouse Co. and Westfield America for $2.4 billion.
Houston - Weingarten Realty Investors has formed a joint venture with Dana Corp.'s Dana Commercial Credit Corp. of Toledo, Ohio, to acquire up to $200 million of retail properties. The Texas REIT's role will be to oversee the acquisitions and manage andthe properties. Dana Commercial Credit will provide financing and equipment leasing services.
- General Growth Properties Inc. has announced it will equip each of its 136 malls with at least two defibrillators. According to the REIT, a national study shows that among the top five sites where sudden cardiac arrests occur, shopping malls rank third, behind airports and county jails.