Northland Professional Centre is a 50,000 square foot professional office building immediately adjacent to Northland Village Shopping Centre, Calgary, already owned by the REIT.
Primaris has entered into a contract to hedge its interest rate exposure on the refinancing of Orchard Park Shopping Centre, in Kelowna, British Columbia.
Orchard Park Shopping Centre is financed by a mortgage bond issued to multiple holders.
President & CEO of RioCan, said, "We are pleased to have been able to acquire such quality shopping centres for the first transaction in our Joint Venture with Kimco.
Kimco is the United States' largest publicly traded owner and operator of neighborhood community shopping centres.
3 million four shopping centres in the Greater Toronto and Ottawa areas.
The Fund will acquire a 100 percent equity interest in three shopping centres from PenEquity Management Corporation for a total price of $34.
RealFund is a Toronto-based, self-advised REIT which owns and manages a portfolio of income-producing real estate assets comprised of shopping centres, industrial buildings and office buildings across Canada.
The shopping centres
contain an aggregate of approximately 10.
In Quebec, all five of the shopping centres being acquired, aggregating 667,000 square feet, are located in the Montreal urban area and all are supermarket anchored by Metro-Richelieu, Quebec's dominant grocery retailer.
It is of sufficient mass, all of the shopping centres are relatively new, having been constructed within the last 10 years, and each is a conventional retail facility anchored by Quebec's dominant supermarket retailer.
Finally, to be able to acquire a portfolio such as this where each and every property is anchored by one or more of Canada's dominant retailers and where 68 percent of the gross revenue comes from national or anchor retailers is an opportunity for RioCan for major accretive growth without straying from its consistent strategy of acquiring supermarket anchored shopping centres.