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  • Thread starter billy corgan19982
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I was just thinking about posting to this thread today.

My news source ran dry. No new info. The bankruptcy court deadline for selling the place to the highest bidder was in November I believe.

It's either been sold or PenEquity got an extension.

I'm sure we'll hear about it soon enough. Whoever's buying it will send out a press release once it's official.
 
I think a really cool hotel would be perfect here, along with a change of cladding on the whole complex. The mall also needs to be reconfigured and upgraded. (In other words, finish the damned thing) This complex has been a huge embarrassment from the get go. I wonder if Toronto has learned any lessons? I also agree this complex should be more entertainment/amusement focused, rather than retail. (and very high tech) It should be the place to showcase the newest, coolest techno-gadgets from around the world.
 
Just wondering who bought 10 Dundas st E? I saw the transaction in G&M.
It was sold at $356 per square foot.
 
The last time I heard, Brookfield was one of the few interested parties with the intention to lease the commercial space to Hines, the operator of Atrium on Bay across the street. I too would like to know what came of this and who purchased it. Any new owner is better than PenEquity.
 
Breaking News: Entertainment Properties Trust buys 10 Dundas East

mg100: Thanks for the heads up that 10 Dundas East's sale was closed.

I called my lawyer friend who was representing one of the interested parties and he told me that the building was sold to an investment company called Entertainment Properties Trust, which was one of the creditors owed money on the debt held by PenEquity. They were one of the original financiers of the then Metropolis project.

Many of the creditors weren't happy about selling the building at a significant loss to the developers that were lining up to purchase it so EPT stepped up in conjunction with several banks and bought the property.

No details are available regarding any work that will be done to the building but the lawyer suggests that EPT probably won't invest much more money into the building and will eventually sell or lease it to an operator who would be expected to make those improvements.
 
From http://www.eprkc.com/News-Release/Detail/EPR-Completes-Acquisition-of-the-Toronto-Dundas-Square-Project-and-Related-Financing

EPR Completes Acquisition of the Toronto Dundas Square Project and Related Financing
Monday, March 08, 2010

ENTERTAINMENT PROPERTIES TRUST COMPLETES ACQUISITION OF THE TORONTO DUNDAS SQUARE PROJECT AND RELATED FINANCING

Kansas City, MO. March 8, 2010 - Entertainment Properties Trust (NYSE:EPR) (the "Company") announced today that it completed the acquisition of the Toronto Dundas Square project, previously in receivership, by paying off senior debt of approximately $120 million Canadian. As a result of the closing of this acquisition, the Company's second mortgage note on the project has been extinguished. In conjunction with the acquisition, the Company has closed on a $100 million Canadian first mortgage credit facility with a group of banks.

Toronto Dundas Square is a 13 level entertainment retail center located in downtown Toronto, consisting of approximately 330,000 square feet of net rentable area, including one of the highest grossing theatre complexes in Canada, as well as 25,000 square feet of digital and static signage.

David Brain, President and CEO, commented on the acquisition, “We are very pleased to own such a premiere asset located at one of the busiest intersections in downtown Toronto. This property has excellent tenants such as AMC Theaters, Future Shop, Google and Adidas and we are excited about the added potential for significant growth in signage income.”

About Entertainment Properties Trust

Entertainment Properties Trust (NYSE:EPR - News) is a real estate investment trust (REIT) that develops, owns, leases, and finances properties for consumer-preferred, high-quality businesses. EPR's investments are guided by a focus on inflection opportunities that are associated with or support enduring uses, excellent executions, attractive economics, and an advantageous market position. The Company’s total assets exceed $2.6 billion and include megaplex movie theatres and entertainment retail centers, as well as other destination recreational and specialty investments. Further information is available at www.eprkc.com or from Jon Weis at 888-EPR-REIT or info@eprkc.com.
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The bit about growth in signage income is interesting. Maybe at least the exterior will get punched up a bit
 
The bad news is that Entertainment Properties Trust doesn't seem to know what it now owns. On its website @ http://www.eprkc.com/Portfolio, if you go in to "Entertainment Retail Centers" and Ontario and then look at the photos of "Toronto Life Square", you'll find photos of Eaton Centre, the Hard Rock Café, Atrium and Dundas Square itself... and very few (unflattering) photos of 10 Dundas East... EPT's photographer seems to think they own the "square"...lol That's what you get for naming a building a Square.

EDIT: Oh... there's even a photo of Nathan Philips Square for good measure.. WTF?? lol
 
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Sigh... it took a decade and a half but PenEquity is finally out of Yonge+Dundas Square. With the Torch sold to Rogers and Metropolis to Entertainment Properties Trust, the buildings on the square may finally reach closer to their full potential.

While Rogers seems to have gone half assed in redeveloping their property (to be fair, they did a top notch job with the studios themselves), they have a direct interest in developing an attractive exterior and will do so in time.

Entertainment Properties Trust on the other hand bought this property to avoid losing money as a creditor and they already achieved their goal. Only time will tell if they are serious in developing this property to attain its full earning potential as a retail venue and as an advertising medium.

I was really hoping for the Brookfield/Hines deal to go through because Hines would likely turn the building into an extension of the Atrium and knowing the good work they've done there, this building would be in capable hands. Perhaps Hines will deal with EPT to manage the retail portion as they were interested in doing so in collaboration with Brookfield, had they won the bid to purchase the building.

The somewhat good indication that Entertainment Properties Trust will do a better job than PenEquity is that the main company owns and operates the building as opposed to PenEquity who set up a subsidiary as if they were expecting the development to go bust.
 
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The AMC has done well but I don't think that means that it's busy as I never see it full. Many of the theatres are playing the same movies so they never fill all the seats.

The top floor seems to be the best part of this building. All the restaurants and the AMC do well there.
 
MetroMan said:
The AMC has done well but I don't think that means that it's busy as I never see it full.
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What you wrote is kinda self-contradicting no? How can it be doing well if it's not "busy". How do you even define busy? I've been there twice in the past 3 weeks and it was "busy". It wasn't packed or rammed, but it was busy.
 
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