RioCan and BentallGreenOak expand on strategic partnership

RioCan REIT and BentallGreenOak have expanded their strategic partnership, with a new joint venture in a three-property portfolio based in the Greater Toronto Area. An agreement signed by both firms would position new investment capital from a BentallGreenOak client, Sun Life Assurance Company of Canada, to assume a 50 percent nonmanaging interest in the portfolio owned and managed by RioCan. Under the terms of the agreement, the total sales price is $151.2 million.

The portfolio is comprised of a Toronto-based, multifamily residential rental property called Pivot, and two grocery-anchored retail assets, RioCentre Oakville and Spring Farm Marketplace in Thornhill, Onatrio. The partnership between the Canadian commercial real estate investment managers expands on the success of their pre-existing relationship to deliver new growth and investment opportunities for both firms. The transaction for the three properties is expected to close in the third quarter of 2021.

Pivo