Bank of Nova Scotia or Scotiabank (BNS,BNS.TO) said that it has completed the sale of its interest in the Scotia Plaza complex in Toronto to Dundee REIT and H&R REIT for $1.266 billion. The closing of the transaction today completes the sale process. The after-tax gain from this sale is estimated at approximately $600 million and will be reflected in Scotiabank's third quarter financial results which will be issued on August 28, 2012.
"Excluding the gain, the impact of the sale on ongoing operations is not financially significant to Scotiabank and will reduce annual earnings per share by less than $0.02 per share," said Sean McGuckin, Scotiabank Executive Vice-President and Chief Financial Officer.
The sale is accretive to capital, increasing the Tier 1 capital ratio under Basel II by approximately 26 basis points and the Common Equity Tier 1 ratio under Basel III by approximately 25 basis points.
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