Printer Friendly
The Free Library
22,728,043 articles and books

RioCan Real Estate Investment Trust Announces $75 Million Of New Acquisitions.



Business Editors

TORONTO--(BUSINESS WIRE)--May 1, 2003

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]  ("RioCan") (TSX TSX Toronto Stock Exchange (TSE before April, 2002)
TSX Transfer from Stack Pointer to Index
TSX True Space Extension
: REI.UN) today announced that it has completed (i) the acquisition of an additional 50% interest in each of the Wheeler Park Centre in Moncton, New Brunswick New Brunswick, province, Canada
New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada.
 and the Innes Road Plaza in Ottawa, Ontario from its joint venture partner, Trinity Development Group Inc. and (ii) an additional 20% interest in four Ontario new format retail centres from a Canadian institutional investor Institutional Investor

A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions.
.

Wheeler Park Centre is a 618,000 square foot new format retail centre within the fastest growing residential market in Moncton, with major retailers like Costco, Loblaws, Sears Whole Home and Famous Players. Innes Road Plaza is a 48,000 square foot shopping plaza shopping plaza
Noun

a shopping centre, usually a small group of stores built as a strip
 in Ottawa with national tenants like Petsmart, the Shoe Company and Swiss Chalet/Harvey's. The additional interests in these centres were acquired for a total of $23.7 million. Mortgage debt of approximately $9 million has been assumed on the purchases with the balance of the purchase prices satisfied with existing cash resources. RioCan now owns 100% of these centres, which are over 90% leased to national and anchor tenants.

The four Ontario new format retail centres, in which RioCan already owned a 40% interest, are Trinity Common in Brampton, RioCan Colossus Colossus - (A huge and ancient statue on the Greek island of Rhodes).

1. The Colossus and Colossus Mark II computers used by Alan Turing at Bletchley Park, UK during the Second World War to crack the "Tunny" cipher produced by the Lorenz SZ 40 and SZ 42 machines.
 Centre in Vaughan, Silver City Centre in Gloucester and Trinity Common in Orleans. The four centres contain approximately 2.2 million square feet of rentable area and are fully leased to some of the strongest and most dynamic retailers in Canada. The additional 20% interests in these centres were acquired for $51 million. Mortgage debt of approximately $38.5 million has been assumed on the purchase with the balance of the purchase price satisfied with existing cash resources.

About RioCan

RioCan's purpose is to deliver to its unitholders stable and reliable cash distributions, which continually increase over time. RioCan is Canada's largest real estate investment trust with total assets of approximately $3.5 billion. It has ownership interests in a portfolio of 164 retail properties across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET.  containing an aggregate area of well over 32 million square feet.
COPYRIGHT 2003 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1CONT
Date:May 1, 2003
Words:351
Previous Article:Budgethotels Network, Inc.: ''Name Your Own Price'' Site Launched With Priceline.com.
Next Article:ACH Direct Announces Certification with Global Payments.



Related Articles
RioCan Reit Completes Previously Announced Portfolio Acquisition and Announces New Acquisitions.
RioCan REIT Announces Commencement of Construction of Gardiner's Road Power Centre.
RioCan Real Estate Investment Trust Announces July, 1998 Distribution.
RioCan Real Estate Investment Trust Announces Normal Course Issuer Bid.
RioCan Real Estate Investment Trust Announces Web Site Debut.
RioCan REIT Announces Commencement of Construction of Gardiner's Road Power Centre.
RioCan Real Estate Investment Trust Announces July, 1998 Distribution.
RioCan Real Estate Investment Trust Announces Normal Course Issuer Bid.
RioCan Real Estate Investment Trust Announces $44 Million Joint Acquisition With Kimco Realty Corporation.
RioCan Real Estate Investment Trust Announces December 2004 Distribution.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters