RioCan is acquiring interest in four properties across the country that Canada Pension Plan Investment Board (CPPIB) currently co-owns. The purchase is expected to close at the end of July for $352 million.
“We are very pleased to be able to complete this transaction with CPPIB, further improving our focus on Canada’s core urban markets to approximately 77 per cent,” said Edward Sonshine, chief executive officer of RioCan. “These properties are all high quality institutional properties, and as with our earlier acquisitions from our partners we are able to integrate this acquisition seamlessly into our portfolio.”
- Grandview Corners, Surrey, British Columbia, 530,000 net leasable area (NLA)
- RioCan Meadows, Edmonton, Alberta, 310,000 NLA
- RioCan Beacon Hill, Calgary, Alberta, 530,000 NLA
- RioCan Centre Burlock, Oakville, Ontario, 455,000 NLA
“This acquisition, together with the acquisitions that have been completed since September 30, 2015, represents more than $1.2 billion dollars of acquisition activity,” adds Sonshine. “An impressive accomplishment in what remains a challenging market to acquire quality assets in an accretive manner.