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How does a whole shopping center sell for only $1?
Published 1 month ago
Description
Rockland Centre, the luxury shopping mall that was purchased for more than $271 million in 2014, was recently sold for just one dollar. The mall is now valued at about $115 million, and the one-dollar sale was actually part of a share sale, which can transfer ownership of a property, along with its debts, leases and other liabilities, without actually selling the building itself for a dollar. Leora Schertzer is the Montreal Gazette reporter who broke down the deal, spoke to Andrew Carter.
Photo Credit: THE CANADIAN PRESS/Ryan Remiorz