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RioCan Real Estate Investment Trust T.REI.UN

Alternate Symbol(s):  RIOCF

RioCan Real Estate Investment Trust is a Canada-based real estate investment trust. The Company owns, manages, and develops retail-focused mixed-use properties. Its portfolio includes leasing, development, and residential. The Company’s properties are held by various tenants, such as grocery, pharmacy, liquor, personal services, and specialty and value retailers. The Company’s portfolio is comprised of approximately 192 properties with an aggregate net leasable area of approximately 33.6 million square feet, including office, residential rental and 10 development properties. Its properties include 1293 Bloor Street West, 145 Woodbridge Avenue, 1556 Bank Street, 1650 - 1660 Carling Avenue, 1860 Bayview, 1910 Bank St, 1946 Robertson Road, 2323 Yonge Street, 2329 Yonge Street, 2335 Boul Lapiniere, 2345 Yonge Street, 2422 Fairview Street, 2453 Yonge Street, 279 Rue St. Charles, 2950 Carling Avenue, and 2955 Bloor Street West.


TSX:REI.UN - Post by User

Comment by incomedreamer11on Jan 30, 2024 11:03pm
100 Views
Post# 35854120

RE:RioCan sells Surrey's Strawberry Hill Shopping Centre: $155M

RE:RioCan sells Surrey's Strawberry Hill Shopping Centre: $155MNot good deal ,sold 20%  below assesment land value

According to BC Assessment, as of July 2023, the two parcels that make up the mall carry a combined assessed value of about $187 million, with approximately $186 million coming from the land value and just over $1 million from the value of the structures. This includes the land Scottsdale bus exchange sits on, which is part of mall property.

Over the years, RioCan previously indicated to the City of Surrey, on several occasions, its interest in redeveloping the mall, which was a strategy that reached the initial planning phases but required more comprehensive planning, including site rezoning.

However, the full development potential of the north side of the mall — closest to the bus exchange — is currently challenged by BC Hydro’s west-east high-powered transmission lines crossing above the surface parking lot next to Home Depot. These utilities may have to be relocated to optimize the site’s redevelopment potential.
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