RioCan Real Estate Investment Trust Announces $35 Million Of New Shopping Centre Developments In The Greater Toronto Area.Business Editors TORONTO--(BUSINESS WIRE)--Oct. 2, 2000 RioCan Real Estate Investment Trust RioCan Real Estate Investment Trust (TSX: REI.UN) is the largest real estate investment trust (REIT) in Canada with ownership interests in over 200 retail properties.[1] (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :REI.UN.) ("RioCan") today announced that it has completed the acquisition of the lands for the Yonge & Savage Centre in Newmarket, Ontario and has entered into an agreement to acquire the lands for the Neyagawa Centre in Oakville, Ontario. Yonge & Savage Centre, which is being developed on a joint venture basis with Longboat Development Corporation, will be a 102,000 square foot neighborhood shopping centre anchored by an A&P supermarket and will include Shoppers Drug Mart For the Washington, DC area grocery chain, see . Shoppers Drug Mart Corporation TSX: SC is Canada's largest pharmacy chain with more than 1000 stores operating under the names Shoppers Drug Mart across 9 provinces and 2 territories and Pharmaprix in Quebec. , First Choice Haircutters and Pizza Pizza amongst its tenants. 70% of the centre has been pre-leased. Construction will commence immediately and is scheduled to be completed by the spring of 2001. Comprising 11.5 acres, the Neyagawa Centre is at the intersection of Dundas and Neyagawa in North Oakville, Ontario. It will be developed into a 113,000 square foot neighborhood convenience centre anchored by a 55,000 square foot A&P supermarket and a 10,000 square foot Shoppers Drug Mart. Prior to completion of the land acquisition, it is expected that RioCan will have achieved pre-leasing levels of 80% of the centre. Construction is expected to begin in late fall 2000. Edward Sonshine, Q.C., President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of RioCan, said, "RioCan is investing about $35 million in these two Greater Toronto Area The Greater Toronto Area (widely abbreviated as the GTA) is the most populous metropolitan area in Canada. The GTA is a provincial planning area with a population of 5,555,912 at the 2006 Canadian Census. shopping centers and is pleased to have the opportunity to create two new supermarket-anchored centers on major streets. The centers are expected to generate double-digit initial unleveraged yields." RioCan is Canada's largest real estate investment trust. RioCan has total assets of approximately $2.2 billion consisting of ownership interests in a portfolio of 127 mostly retail properties across Canada containing an aggregate of well over 20 million square feet of gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. . RioCan's primary objective is the long-term maximization of cash flow and capital appreciation of its portfolio. It achieves this by proactively managing its existing properties, seeking accretive acquisition and expansion opportunities and undertaking development activities on a selective basis. RioCan is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol REI.UN. |
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