Home Canadian REITs RioCan Unlocks Value and Enhances Balance Sheet Through New Partnerships

RioCan Unlocks Value and Enhances Balance Sheet Through New Partnerships

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TORONTO, Oct. 28, 2020 (GLOBE NEWSWIRE) — RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) announced today a firm agreement to sell a 50% non-managing interest in the residential rental component, eCentral™, and the commercial component, ePlace™, of its mixed-used property in Toronto, to its current partner on other projects, Woodbourne Capital Management on behalf of itself and one of its institutional pension fund clients (collectively, “Woodbourne”). The total sale price of $150.8 million represents capitalization rates of 3.5% and 4.5% for the residential and retail components, respectively, based on stabilized net operating income (“NOI”).

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