RioCan, Allied and Diamond Complete Acquisition in Toronto's Downtown West
13 December 2012 - 8:51AM
Marketwired
RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN), Allied
Properties Real Estate Investment Trust ("Allied") (TSX:AP.UN) and
Diamond Corp. ("Diamond") have completed the acquisition of the
Globe & Mail Lands (the "Property") in Toronto's Downtown West.
Currently the home of The Globe & Mail Newspaper, the Property
is comprised of 252,617 square feet of office space and 579 parking
spaces, all set on 6.47 acres of land forming part of the large
city block bounded by Spadina, Front, Draper and Wellington
Streets.
The acquisition has established the basis for a joint venture
(the "Downtown West JV") between RioCan, Allied and Diamond, with
each of RioCan and Allied having an undivided 40% interest and
Diamond having an undivided 20% interest. RioCan has a beneficial
ownership in the Downtown West JV of 43.9% including its 19.3%
participation in Diamond's Whitecastle New Urban Fund 2. The
joint-venture partners intend to redevelop the Property as a
mixed-use retail, office and residential complex.
About RioCan
RioCan is Canada's largest real estate investment trust with a
total capitalization of approximately $13.9 billion as at September
30, 2012. It owns and manages Canada's largest portfolio of
shopping centres with ownership interests in a portfolio of 338
retail properties containing more than 80 million square feet,
including 49 grocery anchored and new format retail centres
containing 12.4 million square feet in the United States through
various joint venture arrangements as at September 30, 2012.
RioCan's portfolio also includes 10 properties under development in
Canada. For further information, please refer to RioCan's website
at www.riocan.com.
About Allied
Allied is a leading owner, manager and developer of urban office
environments that enrich experience and enhance profitability for
business tenants operating in Canada's major cities. Its objectives
are to provide stable and growing cash distributions to unitholders
and to maximize unitholder value through effective management and
accretive portfolio growth. For further information, please refer
to Allied's website at www.alliedreit.com.
About Diamond
Diamond, a Toronto-based land development company maintains a
strong commitment to developing high-quality, innovative and
award-winning residential and mixed use projects. Diamond Corp has
established itself as a leader in progressive city building in the
Greater Toronto Area. As managers of the Whitecastle New Urban Fund
and the more recently launched Whitecastle New Urban Fund 2,
Diamond Corp is committed to the future of Canada's urban
communities. For further information, please refer to Diamond
Corp's website at www.diamondcorp.ca.
Contacts: Allied Properties Real Estate Investment Trust Michael
Emory President and CEO (416) 977-0643memory@alliedreit.com
www.alliedreit.com Contacts: RioCan Real Estate Investment Trust
Edward Sonshine O.Ont., Q.C. Chief Executive Officer (416) 866-3018
www.riocan.com
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