Riocan Announces Development for the Royal Bank of Canada.TORONTO--(BUSINESS WIRE)--May 22, 1996--RIOCAN REAL ESTATE (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : REI.UN) Edward Sonshine, President and 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 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"), today announced that RioCan and its joint venture partner have entered into an agreement to construct an 11,000 square foot building at their development site at New Street and Walkers Line in Burlington, Ontario. Construction of this facility, which has been leased in its entirety to the Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. for use as a commercial banking centre, is to commence immediately and will be completed by the fall of 1996. RioCan's 50 percent partner in this development is the Longboat Development Corporation, which is actively engaged in numerous developments throughout southwestern Ontario. Mr. Sonshine, President & CEO of RioCan, said, "RioCan is focused on increasing cash flows and therefore distributions to our unitholders. One of our efforts in this regard is very selective joint venture development programs. This property is a prime example of our ability to select both a successful developer and a desirable site, resulting in considerable value creation for RioCan." RioCan owns and operates a portfolio of 31 income properties and 3 joint venture properties under development across Canada. The income properties contain an aggregate of approximately 2.4 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 investment objective is the long-term maximization of cash flow and capital appreciation of its portfolio. It achieves this by pro-actively managing its existing properties, seeking accretive acquisition Accretive Acquisition An acquisition that will increase the acquiring company's EPS. Notes: As they are expected to increase the acquiring company's future earnings, these acquisitions tend to be favorable for the company's market price. and expansion opportunities and undertaking development activities on a selective basis. CONTACT: RioCan Real Estate Investment Trust Edward Sonshine, Q.C., 416/866-3018 |
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