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RioCan Real Estate Investment Trust Announces Assembly of 28.8 Acres Development Site in Toronto
TORONTO, ONTARIO, Aug 15, 2005 (CCNMatthews via COMTEX) --
RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that it has completed the acquisition of a Staples/Business Depot and 12.5 acres of land adjacent to its existing centre, Rona Centre, in Toronto, thereby assembling a 28.8 acre development and redevelopment site.
The existing centre, currently totaling 173,455 square feet, is located at the intersection of Eglinton Avenue and Warden Avenue in an already established retail node. Rona Centre is anchored by Rona, Kelsey's and McDonald's. Planning is currently underway for the additional development, with actual construction of the expansion expected in 2007.
Edward Sonshine, Q.C., President and CEO of RioCan, said, "This project is reflective of RioCan's continuing strategy and focus of developing and owning properties in Canada's six primary markets. The opportunity to expand our current retail facilities at this important retail node in Toronto is quite unique. This site is complementary with our existing Wal-Mart anchored centre, RioCan Warden, located immediately to the south. RioCan Warden is a 232,367 square foot new format retail centre which is tenanted by national retailers such as Winners, Future Shop, Mark's Work Wearhouse, Reitmans and The Shoe Company. On completion of all development and redevelopment our ownership of 597,545 square feet will dominate this very urban and high growth location."
About RioCan
RioCan's purpose is to deliver to its unitholders stable and reliable cash distributions, which continuously increase over time. RioCan is Canada's largest real estate investment trust with total assets of approximately $4.2 billion. It has ownership interests in a portfolio of 195 retail properties, including eight under development, across Canada containing an aggregate of 47 million square feet, including partners' aand shadow anchors' interests.
RioCan Real Estate Investment Trust Edward Sonshine, Q.C. President & CEO (416) 866-3018 https://www.riocan.com/