Bayfield Acquires Niagara Square Shopping Centre
Friday, October 1, 2010
Mr. Harold Spring President and CEO of Bayfield Realty Advisors Inc. (Bayfield) today announced that together with its joint venture partner Rio Can Real Estate Investment Trust (Rio Can), it has completed the acquisition of Niagara Square Shopping Centre, a 391,700 square foot enclosed shopping centre located in Niagara Falls Ontario for the price of $48,000,000. It is anchored by a 45,854 square foot Cineplex theatre complex and a 31,967 square foot Winners. Other national tenants include Sport Chek, Future Shop, Jysk, The Brick and Michaels. Bayfield will acquire a 70% interest in the property which it will own in partnership with Rio Can. RioCan is acquiring an additional 15% interest in the property, which was previously owned on a joint venture basis in RioCan’s RRVP partnership. RioCan’s total ownership interest will be 30%. RioCan will continue to serve as the property manager for the property.