RioCan Real Estate Investment Trust Announces $75 Million Of New Acquisitions.
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. ("RioCan") (TSX TSX Toronto Stock Exchange (TSE before April, 2002)
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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
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).
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.