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Sign in Sign up for a FREE subscriptionRioCan acquires remaining interest in mixed-use development in midtown Toronto
RioCan REIT has acquired the remaining 50 percent interest in the residential rental component, eCentral, in Toronto.
The total purchase price of $114.1 million.
“This acquisition represents another important step forward in our transformation to a major-market, mixed-use focused REIT. RioCan recognizes that the thriving, transit-oriented intersection of Yonge and Eglinton has significant income and value growth potential, and we are well positioned as the dominant landlord in the area,” said Edward Sonshine, CEO of RioCan. “ePlace joins, among others, Yonge Eglinton Centre, Yonge Sheppard Centre, King Portland Centre and The Well, all in Toronto, Ontario, as part of RioCan’s expanding portfolio of dynamic mixed-use urban assets.”
ePlace is a 705,000-square-foot mixed-use development comprising 22,000 square feet of retail space; 20,000 square feet of fully sold-out commercial office condominium space; eCondos, a 58-story, 623-unit fully sold-out condo
