TORONTO, ONTARIO--(Marketwired - March 2, 2017) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) has entered into a firm lease agreement with an investment grade tenant to occupy an additional 47,000 square feet of office space at RioCan's recently renovated Yonge Eglinton Centre and corporate headquarters, located above the intersection of two major transit lines at the northwest corner of Yonge Street and Eglinton Avenue in Toronto, Ontario.
"With this lease transaction, both the retail and office components of this one-million square foot property are virtually fully occupied, reflecting the high demand for mixed-use office and retail space in Toronto's midtown corridor," said Edward Sonshine, Chief Executive Officer of RioCan.
The office component at RioCan Yonge Eglinton Centre includes approximately 755,000 square feet of space in two office towers, 2300 Yonge Street and 20 Eglinton West. An office user has committed to lease an additional 47,295 square feet of space commencing March 2017, occupying a total of approximately 80,600 square feet in four full floors of the 20 Eglinton West tower, and one floor in the 2300 Yonge Street tower. Major tenants at the RioCan Yonge Eglinton Centre include the Ontario Energy Board and Heart and Stroke Foundation of Canada. The retail component of the property is currently 99% occupied, and with more than 440,000 people passing through the Yonge Eglinton Centre each day, it is also one of the busiest shopping centres in Canada, with major retail tenants, such as Metro, Indigo, Winners, Sephora, Urban Outfitters, Cineplex, HSBC, Pharma Plus, and the Liquor Control Board of Ontario (LCBO).
"Since the retail expansion and renovations were completed in 2015, we have experienced a real renaissance at the property - making homes for many great new and exciting tenants, such as Sephora, MAC, Winners, Carters OshKosh, and the new VIP theatres at the Cineplex Cinemas Yonge-Eglinton," said Sonshine. "With thousands of new people moving into the immediate area over the next few years, the updated RioCan Yonge Eglinton Centre is proud to be the premiere shopping and entertainment destination at the heart of one of Canada's most densely populated communities."
This news release contains forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, statements made in this News Release related to the operating performance of RioCan Yonge Eglinton Centre together with other statements concerning RioCan's objectives, its strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe", "should", "plan", "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. All forward-looking statements in this News Release are qualified by these cautionary statements. Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan's current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described under "Risks and Uncertainties" in RioCan's Management's Discussion and Analysis for the period ended December 31, 2016 ("MD&A") and the Trust's most recent Annual Report and Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward- looking information, whether as a result of new information, future events or otherwise. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
RioCan is Canada's largest real estate investment trust with a total enterprise value of approximately $14.6 billion as at December 31, 2016. RioCan owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 300 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 47 million square feet. For further information, please refer to RioCan's website at www.riocan.com.