Mergers & Acquisitions
Scotiabank Buys Victory Commons One, the Dallas Tower It Leases, From Hillwood and Affinius
By News Desk ·
Key takeaways
- Scotiabank bought Victory Commons One, a 15-story, more than 350,000-square-foot office high-rise at 2601 Victory Avenue in Dallas.
- The sellers were Ross Perot Jr.'s Hillwood and Affinius Capital, the same parties that recruited Scotiabank to Dallas.
- Scotiabank leases 133,000 square feet in the building and committed upwards of $60 million to its three floors.
- The high-rise was 93 percent occupied in June and appraised at $150 million for tax purposes.
Scotiabank bought Victory Commons One, a 15-story office high-rise in Dallas, from Hillwood and Affinius Capital, the bank confirmed in a report by Yahoo. The price was not disclosed. The building at 2601 Victory Avenue spans more than 350,000 square feet, and Scotiabank already leases 133,000 square feet there.
Scotiabank's Purchase of Victory Commons One
Scotiabank, the Canadian bank founded in 1832 and headquartered in Toronto, bought the tower from Hillwood, Ross Perot Jr.'s development firm, and Affinius Capital, a real estate investment manager. The sellers were among those who recruited Scotiabank to Dallas, winning the bank's lease over properties in Charlotte, North Carolina, according to the Dallas Morning News, which cited Dallas County deed records.
As part of the move to Dallas, Scotiabank received a near $3 million city economic development grant, a 10-year property tax break and an $11 million Texas Enterprise Fund grant. Former President George W. Bush took part in wooing the bank to Texas at a dinner organized by Hillwood, according to the report.
Scotiabank committed to inject upwards of $60 million into its three floors at the building. When the high-rise went up for sale in June, JLL marketing materials stated it was 93 percent occupied, and the Dallas Central Appraisal District appraised it at $150 million for tax purposes. Affinius Capital provided $226 million in bridge debt to refinance 55 Willoughby, a 43-story multifamily building in Downtown Brooklyn, Commercial Observer reported on November 3, 2026.
Scotiabank's Dallas Expansion Record
Scotiabank announced in June 2026 an all-cash acquisition of the remaining minority shares of Scotia Group Jamaica Limited for about C$0.5 billion, via a court-approved Scheme of Arrangement, according to akta.pro company records. In May 2026 the bank entered a definitive agreement to acquire Maple Financial Holdings, the parent of MapleMark Bank, to enable FDIC-insured U.S. deposits and support Mortgage Capital Markets in the North American corridor, the same records show. More than 71 percent of Scotiabank's net income comes from North America, Mexico, the U.S. and Canada, with a stated strategic emphasis on expanding Dallas operations to serve the North American economic bloc.
Scotiabank's Earlier Jamaica and Maple Deals
Scotiabank completed its acquisition of all outstanding ordinary shares of Scotia Group Jamaica Limited on October 30, 2026, through a court-approved Scheme of Arrangement, Newswire reported. The bank said in May 2026 that it had entered a definitive agreement for Maple Financial Holdings, parent of MapleMark Bank, according to company records. Scotiabank will announce its fourth quarter 2026 results on December 2, 2026, with a press release at 5:30 a.m. ET and a conference call at 7:15 a.m. ET, Newswire reported.