Allianz's Announcement to Sell Its UDC Portfolio to KDDI for 1.35 Billion

Last week allied announced that it had entered an agreement to sell its UDC portfolio located in downtown Toronto to KDDI for 1.35 billion which is 180 million higher than its net asset value the portfolio has three properties one on 151 front street west 905 King Street West and a lease hole interest at 250 front street west so obviously a good fit here. The proceeds of the sale will be used for two main purposes first they'll be using a billion dollars to reduce debt on the balance sheet and the balance of the funds towards upgrading and and for development properties. This was expected but I think personally it's a great thing here because they're focusing on what they do best so office real estate