Canadian Pacific Agrees to Sell 2 Realty Units for $693 Million
May 19, 2011
TORONTO -- Canadian Pacific Ltd. agreed Friday to sell its Marathon Realty Co. and Centrixx Realty Holdings Ltd. units for about $693 million. The units will be sold to a newly incorporated company which will be owned equally by Oxford Properties Group Inc., of Toronto, and General Electric Co.'s GE Capital Corp., of Stamford, Conn.. The Montreal transportation and energy company said the Marathon property portfolio comprises about 12 million square feet of office and retail properties in Canada. The agreement excludes Marathon's U.S. retail assets, which are currently under a sale agreement to a First Union Real Estate Investment Trust, and Volkman's land and development sites. Oxford is a commercial real estate ownership and management company. GE Capital Services is a global, diversified financial services company.
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