Following the announcement in October by RioCan REIT that they would be selling off approximately $2 billion in properties, seven properties have been sold to CT Real Estate Investment Trust. The $200 million sale of the properties, all anchored by Canadian Tire stores, are located in Collingwood, Hamilton, Orillia, St. Catharines and Sundbury, Ontario; Yorkton Saskatchewan; and Oliver, British Columbia.
This is the first transaction related to RioCan’s strategy to focus on Canada’s six largest retail market, Toronto, Montreal, Vancouver, Calgary, Edmonton and Ottawa. RioCan plans to sell 12.5 million square feet of property over the next two years.
“The success of the program will, quite frankly, dictate the timing. If we find big appetites out there which will lead to better pricing, then obviously we may accelerate,” Sonshine said in October. “Conversely we may slow it down. . . . But there are lots of interested buyers. We have been pleasantly surprised by the numbers of people who have expressed interest.”
The reorganization of RioCan’s portfolio also includes the redevelopment of up to three dozen of its retail and commercial properties.
Read the full article by Don Wilcox in RENX here.