Bloomberg News

Canada Pension May Bid for Toronto’s Scotia Plaza, Denison Says

February 12, 2012

Feb. 10 (Bloomberg) -- Canada Pension Plan Investment Board, the country’s second-biggest pension fund, may consider bidding for Bank of Nova Scotia’s Scotia Plaza office tower in Toronto, Chief Executive Officer David Denison said.

“We obviously will look at it, no question,” Denison said today in a telephone interview from Toronto. “We will look at it and determine whether we want to put an offer in.”

Bank of Nova Scotia said last month it may sell the Toronto office tower, the corporate headquarters for Canada’s third- biggest bank. The 68-floor office building is the second-tallest in Canada after First Canadian Place, Bank of Montreal’s head office.

“Any time an asset like that in Toronto or in New York or wherever one of the key markets is comes available,” the fund will take a look, Denison said. “They don’t come up for sale very often.”

The sale of the office building at 40 King St. West in the heart of Toronto’s financial district would help boost the bank’s regulatory capital ahead of 2013 deadlines.

--Editors: Steven Crabill, Christian Baumgaertel

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; David Scanlan at dscanlan@bloomberg.net


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