TORONTO AND OTTAWA — Ottawa is preparing to sell $1.5-billion worth of office properties across the country as part of the first phase of a plan that will see dozens of federal buildings go to the private sector with the government as a long-term tenant, sources say.
The government is expected to use a process known as a “sale-leaseback,” by which it sells the buildings to the private sector and then rents them. The government is expected to use 25-year leases, sources said.
Show of hands by everyone out there who is considering selling their house and then renting it back? Anyone? Anyone? Bueller?
Presumably the businesses who purchasing these buildings will only buy them if they can make money off the government by doing it. So...uhh...the government must be, by definition, losing money in the process.
Stay tuned for Michael Fortier's next announcement where he reveals that he will pay for this plan by buying lottery tickets!