Rio Can Announces Results For Third Quarter 2010
November 1, 2010
HIGHLIGHTS FOR THE THIRD QUARTER:
Niagara Square: RioCan acquired its 30% interest from RRVLP (a partnership of which RioCan held a 15% interest) for a purchase price of $14.1 million at a cap rate of 8.4%. RioCan has not assumed any debt on its interests in the property. The remaining 70% was acquired by Bayfield Realty Advisors who are RioCan’s partner at Timmins Square, Timmins, ON, Frontenac Mall, Kingston, ON, and Garden City Shopping Centre, Winnipeg, MB. RioCan will manage the property.
Niagara Square, located in Niagara Falls, ON, is a 382,300 square foot enclosed mall that is anchored by Cineplex. Other major tenants at the property include Winners, Future Shop, JYSK, Michaels and The Brick. This property was the last remaining real property asset of RioCan’s RRVLP partnership.
Subsequent to the quarter end, RioCan has waived conditions and expects to complete the acquisition of:
Mill Woods Town Centre, a 535,500 square foot anchored retail property located in Edmonton, Alberta. The property, which was built in 1975, is anchored by a 123,000 square foot Zellers. Other major tenants at the property include Canadian Tire, Safeway.
Bayfield Announces The Sale Of Wharncliffe Shopping Centre
October 1, 2010
Mr. Harold Spring President and CEO of Bayfield Realty Advisors Inc. (Bayfield) today announced that it has sold Wharncliffe Shopping Centre, a 60,000 square foot grocery anchored strip shopping centre located in London Ontario to Rio Can Real Estate Investment Trust. The centre was 100% leased and national tenants of the centre included No Frills, CIBC and Tim Hortons. The centre provided an excellent safe and consistent return on investment during Bayfield’s period of ownership and the sale price obtained reflected an appropriate and satisfactory gain over Bayfield’s original investment. The property was sold on the basis of Bayfield’s belief that the funds realized from the sale could be utilized to acquire properties which would generate a greater return to Bayfield’s investors than that which could be realized in maintaining ownership of the centre.
Bayfield Acquires Niagara Square Shopping Centre
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.
Bayfield Acquires Garden City And Frontenac Mall
January 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 two retail properties located in Ontario and Manitoba. These properties will total approximately 575,000 square feet and the total purchase price for these properties is approximately $60.5 million.
Garden City Shopping Centre is a 285,000 square foot enclosed shopping centre located in Winnipeg, Manitoba and is anchored by a 94,267 square foot Canadian Tire and a 26,838 square foot Winners. The property also benefits from a 92,604 square foot shadow anchored Sears department store which is connected to the property and has an interior entrance to the centre. The property is 93.4% occupied. Bayfield will acquire the property with its partner Rio Can. Bayfield will own a 70% interest in the property and RioCan will own a 30% interest as well as serve as the property manager. Financing of $23.5 million at a 5.5% interest rate for a five-year term has been arranged.
Frontenac Mall is a 289,700 square foot grocery anchored shopping centre, located in Kingston, Ontario. The property is anchored by a 39,953 square foot Food Basics. Other national tenants include Premier Fitness, Value Village, Dollarama, and Swiss Chalet. 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. The property is 85.3% occupied, 88.8% excluding the basement space. Rio Can has arranged financing on behalf of the joint venture of $14.3 million at a 6.1% interest rate for a five-year term.